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Report on the Financial Statements We have audited the financial statements of Equity Assurance Plc as at December 31, 2007 set out on pages 7 to 22 which have been prepared on the basis of the accounting policies set out on pages 5 and 6. Respective Responsibilities of Directors and Auditors In accordance with the Companies and Allied Matters Act CAP C20 LFN 2004, the company’s directors are responsible for the preparation of the financial statements. Our responsibility is to form a independent opinion based on our audit, on the financial statements and to report our opinion to the members of the company. We conducted our audit in accordance with international standards on auditing issued by the International federation of Accountants. An Audit includes an examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made, by the directors in the preparation of the financial statements, and of whether the accounting policies are, appropriate to the company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations, which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements and assessed whether the company’s accounting records have been properly kept. We have obtained all the information and explanations required for the purpose of our audit. Opinion
In our opinion, the company has kept proper accounting records and the financial statements are in agreement with the records. The Financial Statements, drawn up in conformity with the generally accepted accounting standards in Nigeria, give a true and fair view of the state of the Company’s affairs as at December 31, 2007 and of the profit and cash flows for the year ended on the date, and have been properly compiled in accordance with the Companies and Allied Matters Act CAP C20 LFN 2004, the Insurance Act CAP 117 LFN 2004, relevant circulars issued by the National Insurance Commission and all relevant accounting standards issued by the Nigerian Accounting Standards Board and International Financial Reporting Standards.
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