The General Organisation For Social Insurance

Incorporated by

Amiri Decree 24 of 1976

 

 

Chairman

HE The Minister for Labour

 

Dr Majeed bin Mohsin Al-Alawi

 

 

Board of Directors

Shaikh Abdulrahman Bin Abdulla Al-Khalifa

 

Salman Isa Sayadi

 

Mr Rashid Ismaeel Al-Meer

 

Mr Ebrahim Khalifa Al Dosari

 

Dr Ahmed Ali Al-Sharian

 

Dr Sameer Abdulla Khalfan

 

Mr Mohamed Abdulla Al-Zamil

 

Mr Ibrahim Mohamed Ali Zaynal

 

Mr Yousif Saleh Al-Saleh

 

Mr Faysal Hassan Fowlaz        

 

Mr Mohamed Ameen Mohamadi

 

Mr Saeed Abbas Al-Sammak

 

 

Acting Director General

Shaikh Mohamed Bin Isa Al Khalifa

 

 

Registered office

GOSI Building

 

PO Box 5319

 

Diplomatic Area

 

Kingdom of Bahrain

 

 

Bankers

National Bank of Bahrain

 

Bank of Bahrain and Kuwait

 

Ahli United Bank

 

 

Auditors

BDO Jawad Habib

 

PO Box 787

 

5th Floor, UGB Tower

 

Diplomatic Area

 

Kingdom of Bahrain

AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF
THE GENERAL ORGANISATION FOR SOCIAL INSURANCE

We have audited the accompanying statement of net assets of The General Organisation For Social Insurance (“the Organisation”) and its subsidiaries (“the Group”) as at 31 December 2005, and the related consolidated statements of income, changes in equity and cash flows for the year then ended.  These financial statements are the responsibility of the Group’s management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audit. 

We conducted our audit in accordance with International Standards on Auditing.  Those Standards require that we plan and perform our audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2005, and the results of its operations, the changes in its equity and its cash flows for the year then ended in accordance with theInternational Financial Reporting Standards as promulgated by the International Accounting Standards Board.

Without qualifying our opinion, we draw attention to Note 22 to the financial statements which indicates the fact that the unfunded deficit at 31 December 2005 amounted to BD741,172,165 (2004 : BD406,106,607).  The management of the Organisation is currently in the process of reviewing the unfunded deficit and considering options to cover this shortfall.

Further, as required by Amiri Decree 24 of 1976, as amended, in the case of the Organisation, we report that:

  1. We have obtained all the information we considered necessary for the purpose of our audit; and
  2. The Organisation has maintained proper books of account and the financial statements are in agreement therewith.

In addition, we report that nothing has come to our attention which causes us to believe that the Organisation has breached any of the applicable provisions of Amiri Decree 24 of 1976, as amended, which would materially affect its activities, or its financial position as at 31 December 2005.

Manama, Kingdom of Bahrain
24 June 2006
92238