2021/22 Annual Report
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF
ETHIO LIFE AND GENERAL INSURANCE SHARE COMPANY
Report on the Audit of the Financial Statements Opinion
We have audited the financial statements of Ethio Life and General Insurance Share Company, which comprise the statement of financial position as at 30 June 2022, the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion,the accompanying financial statements present fairly, in all material respects, or give a true and fair view of the financial position of the Company as at 30 June 2022, and its financial performance andits cash flows for the year then ended by International Financial Reporting Standards (IFRSs),
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Directors and Management for the Financial Statements
The Directors are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Report on Other Legal and Regulatory Requirements
We have no comment to make on the report of your directors so far as it related to these financial statements and pursuant to the commercial code of Ethiopia of 1243/2021, recommended approval of the above mentioned financial statements.
Tafesse,Shisema and Ayalew(TMS Plus)Certified Audit Partnership Chartered Certified Accountants (UK)
Authorized Auditors (ETH)
27 September 2021