49
2014 ANNUAL REPORT
A member firm of Ernst & Young Global Limited
Ernst & Young
P.O. Box 158
5/7 Sweet Briar Road
St. Clair, Port of Spain
Trinidad
Tel: +1 868 628 1105
Fax: +1 868 622 1153
ey.com
REPUBLIC BANK LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS OF REPUBLIC BANK LIMITED
We have audited the accompanying consolidated financial statements of Republic Bank Limited and its subsidiaries
(the 'Group'), which comprise the consolidated statement of financial position as at 30 September 2014, and the
consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then
ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditors' judgement, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and
fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
the Group as at 30 September 2014, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards.
Port of Spain,
TRINIDAD:
5 November 2014
