Standard Chartered Bank holds General meeting

Standard Chartered Bank yesterday held its 37th annual general meeting at the Atlantic Hall, National Stadium hostels in Freetown. The bank held its annual meeting with its valued shareholders where directors were elected and endorsed the audited report. Presenting the auditors’ report, Mr V.T.O Decker of KPMG stated that the bank’s directors were responsible for the preparation and fair presentation of the financial statements in accordance with the international financial public standards and the requirements of the Sierra Leone’s company Act Cap 249 stating the banking Act and regulation of Sierra Leone. He explained that the responsibilities included the signing, implementing and maintaining internal control relevant to the preparation and fair preparation of the financial statements that were free from material misstatements whether due to fraud or otherwise. Mr Decker said the responsibilities of the auditors were to express an opinion on the financial statements based on their orders. He thus stated that they conducted their audits in accordance with international standards on auditing for which it required that the auditors comply with requirements and plan a performing audit to obtain reasonable assurance. He thus stated that an audit involved performing procedures to obtain audit evidence about the amount and disclosures in the financial statements as the procedures selected depended on the auditors’ judgment including their assessment of risk, material misstatement of the financial statement. “We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion and in my opinion the financial statements did a true and fair thing of the financial position of Standard Chartered Bank Sierra Leone Limited as from 31 December 2007…we report that we were able to obtain all the information and explanations  for the efficient performance as the bank transaction as they complied with relevant provisions of the banking Act of Sierra Leone,” Mr Decker stated. Mr Alex Kamara, David Fraser, Dr Claudius Bert Williams and Humphery Mukwereza were elected to serve as directors of Standard Chartered Bank.