VAKIFBANK
2015 ANNUAL REPORT
110
CONVENIENCE TRANSLATION INTO ENGLISH OF THE
INDEPENDENT AUDITOR’S REPORT
ORIGINALLY PREPARED AND ISSUED IN TURKISH
To the Board of Directors of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı;
Report on the Unconsolidated Financial Statements
We have audited the accompanying unconsolidated balance sheet of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“the Bank”) as at 31 December 2015 and the related
unconsolidated statement of income, unconsolidated income and expense items under shareholders’ equity, unconsolidated statement of changes in shareholders’ equity,
unconsolidated statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Unconsolidated Financial Statements
Bank management is responsible for the preparation and fair presentation of the unconsolidated financial statements in accordance with the “Banking Regulation and Supervision
Agency (“BRSA”) Accounting and Reporting Legislation” which includes “Regulation on Accounting Applications for Banks and Safeguarding of Documents” published in the Official
Gazette no.26333 dated 1 November 2006, other regulations on accounting records of Banks published by BRSA, circulars and interpretations published by BRSA, and Turkish
Accounting Standards for the matters not regulated by the aforementioned legislations and for such internal control as management determines is necessary to enable the
preparation of unconsolidated financial statements that are free from material misstatement, whether due to fraud or error.
Independent Auditor’s Responsibility
Our responsibility is to express an opinion on these unconsolidated financial statements based on our audit. Our audit was conducted in accordance with the “Regulation on
Independent Audit of Banks” published by the BRSA on the Official Gazette No.29314 dated 2 April 2015 and Independent Auditing Standards that are part of Turkish Standards on
Auditing published by the Public Oversight Accounting and Auditing Standards Authority (“POA”). Those standards require that ethical requirements are complied with and that the
audit is planned and performed to obtain reasonable assurance whether the financial statements are free from material misstatement.
An independent audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures selected depend on
independent auditor’s professional judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to error or fraud. In making
those risk assessments, the independent auditor considers internal control relevant to the bank’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 bank’s internal control. An independent audit
includes also evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by bank’s management, as well as evaluating the
overall presentation of the financial statements.
We believe that the independent audit evidence we have obtained during our audit is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the unconsolidated financial statements present fairly, in all material respects, the financial position of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı as at 31
December 2015 and the results of its operations and its cash flows for the year then ended in accordance with BRSA Accounting and Reporting Legislation.
Report on Other Responsibilities Arising From Regulatory Requirements
In accordance with subparagraph 4 of Article 402 of the Turkish Commercial Code (“TCC”) No. 6102; no significant matter has come to our attention that causes us to believe that the
Bank’s bookkeeping activities for the period 1 January - 31 December 2015 are not in compliance with TCC and provisions of the Bank’s articles of association in relation to financial
reporting.
In accordance with subparagraph 4 of Article 402 of the TCC; the Board of Directors submitted to us the necessary explanations and provided required documents within the context
of audit.
Additional Paragraph for Convenience Translation
The effects of differences between accounting principles and standards explained in detail in Section Three and accounting principles generally accepted in countries in which the
accompanying unconsolidated financial statements are to be distributed and International Financial Reporting Standards (“IFRS”) have not been quantified in the accompanying
unconsolidated financial statements. Accordingly, the accompanying unconsolidated financial statements are not intended to present the financial position, results of operations and
changes in financial position and cash flows in accordance with the accounting principles generally accepted in such countries and IFRS.
Başaran Nas Bağımsız Denetim ve
Serbest Muhasebeci Mali Müşavirlik A.Ş.
a member of
PricewaterhouseCoopers
ZEYNEP URAS,
SMMM
Partner
Istanbul, 11 February 2016
