Final Analytics

Client
Citicorp Merchant Bank Limited
The purpose of final analytical procedures is assit us in:

-- in
forming an overall
evaluating conclusionformed
our conclusions as to whether the significant
regarding financial statements are consistent with our understanding of the entity,
accounts and disclosures; and
- forming an opinion on whether the financial statements as a whole are free of material misstatement.
Final analytical procedures may identify previously unrecognized fraud risk or risk of material misstatement of the entity of w
- Current Year (CY) 2021 figures were obtained from the client's trial balance for the year ended 31 December 2021
- Prior Year (PY) 2020 figures were obtained from the Consolidation Workings for the audited financial statements for the ye
Account name CY (2021) PY (2020)
TTD Currency Unit TTD Currency Unit

('000) ('000)
Profit/Loss
Interest income 1 -
Interest expense - -
Net Interest Income 1 -
Fees and Commissions 6,873 12,888
Exchange Earnings 42 (43)
Dividend Income 67,500 114,750
Other Income 74,415 127,595

Net Interest and other Income 74,416 127,595
Expenditure
Staff (4,740) (7,854)
Depreciation (3,027) (2,947)
General Administration (2,018) (2,491)

Total Expenditure (9,785) (13,292)
Net Income before Taxation and Impairment 64,631 114,303
Taxation 630 (326)
Profit for the Year 65,261 113,977

Effective Tax Rate 1% 0%
Balance Sheet
Assets
Cash and balances with banks - -
Amounts due by subsidiary company 126,315 310,862
Investments 7,104 -
Advances and other assets 292 6,881
Investment in subsidiary company 88,094 88,094
Property and equipment 22,778 25,822
Taxation recoverable 2,644 3,798
Deferred tax asset 1,534 607
TOTAL ASSETS 248,761 436,064

Amounts due to parent and affiliated companies 117 117
Other liabilities 2,435 6,522
Deferred tax liability 1,381 1,351
Total Liabilities 3,933 7,990

Stated capital 57,102 57,102
Statutory reserve 57,102 57,102
Retained earnings 130,624 313,870
Revaluation reserve - -
Total Equity 244,828 428,074
TOTAL EQUITY & LIABILITIES 248,761 436,064
- -
CONCLUSION:
In performing the final analytics above the following were noted:
- the financial statements are consistent with our understanding of the entity derived in planning and procedures performed during our test
- our conclusions formed regarding significant accounts and disclosures are consistent with the amounts above.
- there is no indicators of any previously unrecognized fraud risk.
Period-End
31-Dec-21
rstanding of the entity,
statement of the entity of which audit teams were unaware. In such circumstances, we revise our assessment of the risk of fraud/materiaal m
1 December 2021
ancial statements for the year ended 31 December 2020
Trend $ movement (CY vs PY) % movement
CY vs PY TTD Currency Unit ('000)
1 0%
0 0%
(6,015) -47%
85 -198%
(47,250) -41%
3,114 -40%
(80) 3%
473 -19%
956 -293%
0 0%
(184,547) -59%
7,104 0%
(6,589) -96%
0 0%
(3,044) -12%
(1,154) -30%
927 153%
0 0%
(4,087) -63%
30 2%
0 0%
0 0%
(183,246) -58%
0 0%
res performed during our testing
Final Analytical Proced
mstances, we revise our assessment of the risk of fraud/materiaal misstatement and modify the further planned audit procedures accordingly
Where the risk was addressed and how it was

KPMG Commentary
addressed via substantive procedures
For Ref only: PM = TT $58,600
No material movement.
Agreed items to supporting documents and traced to

Decrease is largely due to no underwriting fee income being earned
bank statement
during the current year, there was a one-off contract last year of
approximately five million, however, there was no other contract this
year. In additon, there was also a decline in intercompany non- interest
income.
Dividend income approval agreed to minutes of
Decrease is due to decrease in dividend income received from Citibank Board meetings and dividend income received
(Trinidad & Tobago) Limited. agreed to Bank Statements.
Decrease is largely due to severance expense incurred in the prior Reconciled Payroll Register to General Ledger
financial year that was not incurred in the current year and the decline
in salary expense.
Increase is largely due to increase in the installation and furnitue Depreciation was recalculated for the period
depreciation expense.
Recalculated audit fees and compared it to balance
Decrease is largely due to decline in fees paid to KPMG for audit.
per GL
A tax expense was recorded in the current year despite the decline in Tax Computation
taxable income due to the increase in deferred tax.
No movement.
Reconciled recorded balances to bank statements.
Decrease is due to the decline in balance held in the TTD and USD Agreed recorded year end balances to Bank
CMBL operating account. Confirmations
Increase due to the one US treasury bill from CMBL Barbados that
Agreed recorded year end balance to Confirmation
was transferred over to CMBL. There is no associated risk with this
Valuation was performed by a valuation specialist
investment, as treasury bills are fully backed by the government.
Decrease largely due to amounts due from Barbados branch which was
reduced to nil, as a result of the winding up of the CMBL Barbados Variance analysis performed
branch.
No movement.
Reconciled Fixed Asset Register to GL

Decrease due to depreciation of assets.
Depreciation was recalculated for the period
Decrease due to Corporate Tax Refunds Tax Recoverable Computation

Tax Computation
Increase due to the increase in unused tax losses in the current year.
No movement.
Decrease largely due to taxes held pending payment which was Sample of items were selected and agreed to
reduced to nil in the current year and severence payment made in the supporting documents
prior year.
Increase due to rise in temporary difference balance as a result of Tax Computation
depreciation.
No movement.
No movement.
Reconciled opening retained earnings to closing
Decrease largely due to decline in current year profit.
retained earnings
No movement.
Procedures
W/P reference
dit procedures accordingly.
Modification in audit
strategy due to unforeseen
risk
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No

Final Analytics

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Final Analytics

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Client

Citicorp Merchant Bank Limited

The purpose of final analytical procedures is assit us in:

Account name CY (2021) PY (2020)

TTD Currency Unit TTD Currency Unit

Fees and Commissions 6,873 12,888

Exchange Earnings 42 (43)

Dividend Income 67,500 114,750

Other Income 74,415 127,595

Staff (4,740) (7,854)

Depreciation (3,027) (2,947)

General Administration (2,018) (2,491)

Taxation 630 (326)

Profit for the Year 65,261 113,977

Amounts due by subsidiary company 126,315 310,862

Advances and other assets 292 6,881

Investment in subsidiary company 88,094 88,094

Property and equipment 22,778 25,822

Taxation recoverable 2,644 3,798

Deferred tax asset 1,534 607

TOTAL ASSETS 248,761 436,064

Other liabilities 2,435 6,522

Deferred tax liability 1,381 1,351

Total Liabilities 3,933 7,990

Retained earnings 130,624 313,870

rstanding of the entity,

Trend $ movement (CY vs PY) % movement

CY vs PY TTD Currency Unit ('000)

Where the risk was addressed and how it was

For Ref only: PM = TT $58,600

Agreed items to supporting documents and traced to

Reconciled Fixed Asset Register to GL

Decrease due to Corporate Tax Refunds Tax Recoverable Computation

dit procedures accordingly.

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