Page 68 - English

FINANCIAL STATEMENTS
31 DECEMBER 2015
INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF QATAR FINANCIAL CENTRE REGULATORY AUTHORITY
Report on the Financial Statements
We have audited the accompanying financial statements of Qatar Financial Centre Regulatory Authority (the “the Regulatory Authority”), which comprise the statement of financial position as at 31 December 2015, and the statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Board of Directors’ Responsibility for the Financial Statements
The Board of Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as the Board of Directors determine is necessary to enable the preparation of 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 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
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal
control relevant to the entity’s preparation and fair presentation of the 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 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 financial statements present fairly,
in all material respects, the financial position of the
Regulatory Authority as at 31 December 2015, and its financial performance and cash flows
for the year then ended in accordance with International Financial Reporting Standards.
Other Matter
The financial statements of the Regulatory Authority as at and for the year ended 31 December 2014 were audited by another auditor, whose report dated
22 March 2015, expressed an unmodified opinion on those financial statements.
Report on Legal and Other Regulatory Requirements
Furthermore, in our opinion,
the Regulatory Authority has maintained proper accounting records and its financial statements are in agreement therewith. We have obtained all the information and explanations we required for the purpose of our audit, and are not aware of any violations of the applicable provisions of Qatar Financial Centre Law No. 7 of 2005 during the year, which might have had a material effect on its activities or its financial position.
Ernst & Young
Date: 21 March 2016 Doha
66