Auditors’ Report

 

INDEPENDENT AUDITORS' REPORT

 

To The Shareholders of

Jordan Mortgage Refinance Company

Amman - Jordan

 

We have audited the accompanying financial statements of Jordan Mortgage Refinance Company , which comprise the statement of financial position as at 31 December 2009, the income statement, statement of financial position, statement of changes in shareholders' equity and cash flows statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

 

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

 

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Jordan Mortgage Refinance Company as at 31 December 2009, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

 

Report on the Legal and Regularly Requirements

The Company maintains proper accounting records and the accompanying financial statements are in agreement therewith and with the financial data presented in the Board of Directors' report.

 

Explanatory Paragraph

As explained in note (20), the Company has received a claim from the Income and Sales Tax Department for JD (14.3) million against the sales tax and penalties asserted on the Company for the period from 1/2/2004 up to 31/12/2007. However, on 26/1/2010, the Company has received a discharge from the Council of Minister with respect to the above claim, and an exemption of its services from sales tax.

Amman	Arab Professionals
28 January 2010	Ibrahim Hammoudeh
	(License No. 606)