VAKIFBANK
ANNUAL REPORT 2015
4
COMPLIANCE OPINION ON THE ANNUAL REPORT
INDEPENDENT AUDITOR’S REPORT ON THE BOARD OF DIRECTORS’ ANNUAL REPORT
To the Board of Directors of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı:
Report on the Board of Directors’ Annual Report in accordance with Independent Audit Standards
We have audited the annual report of the Türkiye Vakıflar Bankası T.A.O. (“Bank”) and consolidated subsidiaries of it (together will be referred
as “the Group”) for the accounting period ending on 31 December 2015.
Board of Directors’ Responsibility for the Annual Report
The Bank management is responsible for performing the necessary internal control to ensure that the annual report is prepared as an accurate
document in compliance with Article 514 of the Turkish Commercial Code no. 6102, “Regulation on the Methods and Principles for the
Preparation and Publication of Annual Reports by Banks” issued on the Official Gazette dated 1 November 2006 and numbered 26333, Banking
Regulation and Supervision Authority’s (BRSA) regulations on banks’ accounting methodology, BRSA’s communiqués and statements, as well
as Turkish Accounting Standards; and in consistency with the consolidated financial statements (“financial statements”) issued as per “BRSA
Legislation on Accounting and Financial Reporting”.
Independent Auditor’s Responsibility
Our responsibility is to present our opinion as to whether the financial information included in the Bank’s annual report is accurate and
consistent with the Bank’s consolidated financial statements and on the basis of our independent audit based on Article 397 of Turkish
Commercial Code, and “Regulation on the Independent Audit of Banks” issued on the Official Gazette dated 2 April 2015 and numbered 29314.
Our independent audit process was in compliance with Independent Audit Standards (“BDS”), a part of the Turkish Audit Standards issued
by Public Oversight Accounting and Auditing Standards Authority (“POA”). These standards require compliance with ethical stipulations and
demand that the independent audit be planned so as to provide assurance that the financial information in the annual report is accurate and
in accordance with the consolidated financial statements.
Independent audit involves the application of audit procedures to produce audit evidence on historical financial data. The selection of these
procedures depends on the professional judgement of the independent auditor.
We believe that the independent audit evidence we have collected during the independent audit provide an appropriate and sufficient basis to
allow us formulate an opinion.
Opinion
In our opinion, the financial statements included in the Board of Directors’ annual report, in all material respects, are fairly presented and
consistent with the consolidated financial statements subject to our audit.
Other Responsibilities Arising from the Legislation
As per Article 402, paragraph 3 of the Turkish Commercial Code No. 6102, in the framework of the BDS 570 on “Continuity of the Enterprise”,
we found no issue worthy of reporting which could jeopardize the continuity of the Bank’s operations in the foreseeable future.
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Serbest Muhasebeci Mali Müşavirlik A.Ş.
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İstanbul, March 4, 2016
