Tuesday, July 18, 2017 8:25AM / RT Briscoe Annual Report & Financial Statements
Kindly find below the Independent Auditors Report for R.T. Briscoe as contained in the 2016 Annual Report and Financial Statements (Page 22)
Report on the Audit of the Consolidated and Separate Financial Statements
We have audited the consolidated and separate financial statements of R.T. Briscoe (Nigeria) PLC (“the Company”) and its subsidiaries (together, “the group”), which comprise the consolidated and separate statement of financial position as at 31 December, 2016, the consolidated and separate statement of profit or loss and other comprehensive income, consolidated and separate statement of changes in equity, consolidated and separate statement of cash flows for the year then ended, a summary of significant accounting policies and other explanatory information, as set out on pages 26 to 76.
In our opinion, except for the possible effects on the corresponding figures for the year ended 31 December 2015 of the matter described in the Basis for Qualified Opinion section in our report, the accompanying consolidated and separate financial statements give a true and fair view of the consolidated and separate financial position of the Company and its subsidiaries as at 31 December, 2016, and of its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and in the manner required by the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council of Nigeria Act, 2011.
Basis for Qualified Opinion
Included in impairment loss for the year ended 31 December 2015 was an amount of N1.1billion which was written off to the profit or loss account for the year then ended.
We were unable to obtain sufficient appropriate audit evidence regarding the nature and accounting for the underlying transaction that related to the amount because management was unable to provide satisfactory explanations and relevant supporting documents.
Our audit opinion on the financial statements for the year ended 31 December 2015 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the consolidated and separate Financial Statements section of our report.
We are independent of the Group and Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated and separate financial statements in Nigeria and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Material Uncertainty Related to Going Concern
Without further qualifying our opinion, we draw attention to Note29(a) and Note 32 to the financial statements. Note 29(a) describes the uncertainty related to the outcome of the lawsuit filed against the Company by Diamond Bank Plc, while Note 32 indicates that the Company incurred a loss of N3.1 billion during the year ended 31 December 2016 and, as of that date, the Company’s current liabilities exceeded its current assets by N7.9 billion, while the total liabilities of the Company exceeded total assets by N3.4 billion.
These conditions along with other matters as set for in Note 32, indicate that a material uncertainty exists that may cast significant doubt about the Company’s ability to continue as a going concern.
1. R.T. Briscoe (Nigeria) Plc IR Page
2. R.T. Briscoe Plc Announces Filing of its First Quarter Accounts for the Period Ended 31st March, 2017 – May 23, 2017
3. RTBRISCOE Declares N481.16 mln Loss in Q1 2017 Result SP N0.50k - May 15, 2017
4. RTBRISCOE Declares N2.90 bln Loss in 2016 Audited Result,(SP:N0.50k) – May 15, 2017
5. R.T. Briscoe (Nigeria) PLC Appoints New Directors – April 20, 2017
6. Recent Developments on the Petition for Winding Up of RT Briscoe Nigeria Plc by Diamond Bank Plc – March 28, 2017
7. R.T. Briscoe (Nigeria) Plc Notification of Likely Delay in the Filing of the Audited Financial State – March 13, 2017
8. R.T. Briscoe (Nigeria) Plc Announces Date Of Meeting and Closed Period – March 06, 2017
9. RTBRISCOE Releases Q1 Q2 and Q3 16 Results Declares N1.73 billion loss in Q3 SP N0.50k – November 28, 2016
10. RTBRISCOE Declares N4.18 billion loss in 2015 Audited Results,(SP:N0.50k) – November 25, 2016
11. RTBRISCOE declares N1.48 billion loss in Q3'15 result,(SP:N0.53k) – November 02, 2015
12. RTBRISCOE declares N1.82 billion Loss in 2014 Audited Result,(SP:N0.68k) – August 10, 2015
13. RTBRISCOE Appoints Ali Safiyanu Madugu as Director – January 08, 2014