47
2014 ANNUAL REPORT
Financial ReportingRequirements
The Directors of Republic Bank Limited are responsible for the
preparation and fair presentation of the financial statements
and other financial information contained in this Annual
Report. The accompanying financial statements have been
prepared in conformity with International Financial Reporting
Standards and present a true and fair view of the financial affairs
of the company. Where amounts are based on estimates and
judgments, these represent the best estimate and judgment of
the Directors.
General responsibilities include:-
• establishing and maintaining effective internal controls and
procedures for financial reporting;
• safeguarding of assets; and
• prevention and detection of fraud and other irregularities.
The financial information appearing throughout this Annual
Report is consistent with that in the financial statements.
Directors have a responsibility for ensuring that the Group
keeps accounting records which disclose with reasonable
accuracy the financial position of the Group.
The Directors have always recognised the importance of
the Group maintaining and reinforcing the highest possible
standards of conduct in all of its actions, including the
preparation and dissemination of statements presenting fairly
the financial condition of the Group. In this regard, the Directors
have developed and maintained a system of accounting and
reporting which provides the necessary internal controls to
ensure that transactions are properly authorised and recorded,
assets are safeguarded against unauthorised use or disposition
and liabilities are recognised. The system is augmented by
written policies and procedures, the careful selection and
training of qualified staff, the establishment of an organisational
structure that provides an appropriate and well-defined division
of responsibility, and the communication of policies and
guidelines of business conduct throughout the Group.
The system of internal control is further supported by a
professional staff of Internal Auditors who conduct periodic
audits of all aspects of the Group’s operations. External Auditors
have full and free access to, and meet periodically with the
Audit Committee to discuss their audit and findings as to the
integrity of the Group’s accounting and financial reporting and
the adequacy of the system of internal controls.
Signed on behalf of the Board
Ronald F. deC. Harford
Chairman
September 30, 2014
