We have audited the accompanying Balance Sheet of Grameen Bank (GB) as at 31 December 2008 and the related Profit and Loss Account, Cash Flow Statement, Statement of Changes in Equity and Notes (1 to 30) to the Financial Statements for the period then ended.

Respective Responsibilities of the Bank and Auditors

Grameen Bank management is responsible for preparing these financial statements, which give a true and fair view in accordance with Bangladesh Accounting Standard (BAS). Our responsibility is to express an independent opinion based on our audit on those financial statements and to report our opinion to the Board of Directors. This responsibility is established by Bangladesh Standards on Auditing (BSAs).

Basis of Audit Opinion

We conducted our audit in accordance with Bangladesh Standard on Auditing (BSAs).  Our audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements.  Our audit also includes an assessment of the significant estimates and judgments made by the management of the Grameen Bank in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.We planned and performed our audit so as to obtain all the information and explanations, which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement.  In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.  We believe that our audit provides a reasonable basis for our opinion.


The financial statements, prepared in accordance with International Accounting Standards (IAS) adopted by Institute of Chartered Accountants of Bangladesh (ICAB), give a true and fair view of the state of affairs of Grameen Bank as of 31 December 2008 and of the results of its operations and its Cash Flow for the year then ended and comply with the Grameen Bank Ordinance 1983 (as amended upto 1995) and other applicable laws and regulations.

We also Report that

1 we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;
2 in our opinion, proper books of account as required by the ordinance have been kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us;
3 the Bank’s Balance Sheet and Profit and Loss Account together with the annexed Notes      (1 to 30 and Annexure-A) dealt with by the report are in agreement with the books of account and returns;
4 the expenditure incurred and payment made were for the purpose of the Bank’s business;
5 the financial position of the Bank as on 31 December 2008 and the profit for the year then ended have been properly reflected in the financial statements, the financial statements have been prepared in accordance with the Generally Accepted Accounting Principles;
6 adequate provisions have been made for loans and advances and other assets which are, in our opinion, doubtful of recovery;
7 the Financial Statements have been drawn up in conformity with Grameen Bank Ordinance 1983 and in accordance with the accounting rules and regulations;
8 the Financial Statements conform to the prescribed standards set in the accounting regulations issued by the Bangladesh Bank after consultation with the professional accounting bodies of Bangladesh;
9 the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements;
10 the information and explanations required by us have been received and found satisfactory.

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