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Report of the Audit Commission to the Bank of Latvia Board of Governors
We have audited the balance sheet of the Bank of Latvia as at 31 December 2000, and the related statements of profit and loss, recognised gains and losses, and cash flows for the year then ended (hereinafter, the financial statements). These financial statements are the responsibility of the Bank of Latvia's management. Our responsibility is to express an opinion on these financial statements based on our audit.
The financial statements of the Bank of Latvia for the year ended 31 December 1999 were audited by an audit commission, which consisted of representatives of another independent audit firm and the State Audit Office of the Republic of Latvia. The audit commission's report dated 9 March 2000 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with International Standards on Auditing issued by the International Federation of Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Bank of Latvia as at 31 December 2000, and the results of its operations and its cash flows for the year then ended in conformity with the accounting principles adopted by the Bank of Latvia and the Law "On the Bank of Latvia".
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ARTHUR ANDERSEN |
THE STATE AUDIT OFFICE OF |
Riga
22 February 2001
