Jan 2017 Financial News

National Commercial Bank Jamaica Limited - Amendments to Audited Financial Results for the year ended September 30, 2016

Jan 03, 2017

AMENDMENTS TO AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED SEPTEMBER 30, 2016

NATIONAL COMMERCIAL BANK JAMAICA LIMITED (NCBJ)

The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from NCBJ that they and their auditors, PricewaterhouseCoopers, have agreed to and have made an editorial change to the auditor’s report and note 3, as outlined in items 1 and 2 below. The change in the description has not impacted management’s nor the auditor’s conclusion surrounding the particular matter. The amendments are as follows:

1. Independent Auditors Report – Consolidation of NCB Financial Group Limited “NCBFG was established to acquire an investment in Guardian Holdings Limited (GHL), negotiation and funding of which was done by the Group”. Amended to: “NCBFG was used to acquire an investment in Guardian Holdings Limited (GHL), negotiation and funding of which was done by the Group.

2. Note 3 – Critical Accounting Estimates and Judgements in Applying Accounting Policies – Interest in Structured Entities “Management of the Group has consolidated the results of NCBFG on the basis that it has control by virtue of the board composition, the purpose of NCBFG’s establishment was to acquire the shares in Guardian Holdings Limited; a transaction which it would not have been able to execute, without the funding of the Group”. Amended to: “Management of the Group has consolidated the results of NCBFG on the basis that it has control by virtue of the board composition. NCBFG was used to acquire the shares in Guardian Holdings Limited; a transaction which it would not have been able to execute, without the funding of the Group”.

Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday January 3rd, 2017