We have audited the accompanying consolidated financial statements of Powszechna Kasa Oszczędności Bank Polski SA Group (hereinafter called ‘the Group’), of which Powszechna Kasa Oszczędności Bank Polski SA is the parent company (hereinafter called ‘the Parent Company’), with its registered office in Warsaw, 15 Puławska Street, which comprise of the consolidated statement of financial position as at 31 December 2011, showing total assets and total equity and liabilities of PLN 190,748,037 thousand; the consolidated income statement for the financial year from 1 January to 31 December 2011, showing a net profit attributable to equity holders of the Parent Company of PLN 3,807,195 thousand; the consolidated statement of comprehensive income for the financial year from 1 January to 31 December 2011, showing a total comprehensive income of PLN 3,937,416 thousand; the consolidated statement of changes in equity, the consolidated statement of cash flows for the financial year and additional information on accounting policies and other relevant matters.
The Management Board of the Parent Company is responsible for preparing the consolidated financial statements and a Directors’ Report for the Group in accordance with the applicable regulations. The Management Board and Members of the Supervisory Board of the Parent Company are required to ensure that the consolidated financial statements and the Director’s Report for the Group meet the requirements set out in the Accounting Act of 29 September 1994 (uniform text, Journal of Laws of 2009, No. 152, item 1223 with further amendments, hereinafter referred to as ‘the Act’).
Our responsibility was to perform an audit of the accompanying consolidated financial statements and to express an opinion on whether in all material respects the consolidated financial statements comply with the applicable accounting policies and whether they present fairly the financial position and results of the Group.
We conducted our audit in accordance with the following:
- the provisions of Chapter 7 of the Act;
- national auditing standards as issued by the National Chamber of Registered Auditors;
- International Standards on Auditing.