Page 66 - ICD-AR22-English

Annex 4: Financial Statements and Independent Auditor's Report FOR THE YEAR ENDED 31 DECEMBER 2022
Independent Auditor’s Report
Report on the Audit of the Separate Financial Statements
Opinion
We have audited the accompanying separate financial statements of Islamic Corporation for the Development of Private Sector (the “Corporation”), which comprise the separate statement of financial position as at 31 December 2022, and the related separate income statement, separate statement of changes in members’ equity, separate statement of cash flows and separate statement of changes in off-balance sheet assets under management for the year then ended, and the notes to the separate financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying separate financial statements present fairly, in all material respects, the financial position of
the Corporation as at 31 December 2022, and the results of the operations, its cash flows and changes in members’ equity for the year then ended in accordance with the Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (“AAOIFI”).
In our opinion, the Corporation has also complied with the Shari’ah Rules and Principles as determined by the Shari’ah Board of the Islamic Development Bank Group (“IsDBG”) during the period under audit.
Basis for Opinion
We conducted our audit in accordance with Auditing Standards for Islamic Financial Institutions issued by AAOIFI and International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Separate financial statements’ section of our report. We are independent of the Corporation in accordance
with the AAOIFI’s Code of Ethics for Accountants and Auditors of Islamic Financial Institutions (AAOIFI Code), 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 separate financial statements as prevailing in the local jurisdiction, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the AAOIFI and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Your Excellencies the Chairman and Members of the General Assembly
Islamic Corporation for the Development of Private Sector
Jeddah, Kingdom of Saudi Arabia
Deloitte and Touche & Co Chartered Accountants
Waleed Bin Moha’d Sobahi
Certified Public Accountant
License No. 378
18 April 2023
27 Ramadan 1444 AH
Jeddah, Kingdom of Saudi Arabia
64 ICD ANNUAL REPORT 2022