Republic Bank Limited
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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.
Financial ReportingRequirements
4
Financial
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, 2015
