yota691 Posted May 28, 2017 Report Share Posted May 28, 2017 Central Bank of Iraq re-opened its branches in Erbil and Sulaymaniyah By Roudao 21 minutes ago Central Bank of Iraq Roudao - Erbil decided the Iraqi Central Bank, re - opening of a sub - Erbil and Sulaymaniyah, early next month, after negotiations with the Kurdistan Regional Government, lasted for a year. The publication of the Central Bank of Iraq / Erbil branch declaration of the functions required in the new branch. According to a source familiar with the network Roudao media, that " the Erbil branch of the Central Bank of Iraq will include all the services available in other branches in Iraq." He noted that " the Central Bank of Iraq will be substantial changes in the regional bank in Arbil, and will re - organize all sections, referring to the lack of information on the branch of Sulaymaniyah. In turn, said the regional bank manager in Sulaimaniya, Abdul Rahman Saleh, the Roudao said that" the Iraqi Central Bank will re - opening of the branch Sulaymaniyah after the opening of Erbil branch, so the opening of Sulaymaniyah branch procedures will be delayed for some time. " it is noteworthy that the Central Bank of Iraq had cut off its relations with sub - Erbil and Sulaymaniyah, over the past years, and in the past year , the central bank decided to re - open its branches in the Kurdistan region officially. 11 Quote Link to comment Share on other sites More sharing options...
Markinsa Posted May 28, 2017 Report Share Posted May 28, 2017 WOW! This is huge from an Accounting Perspective. See page 3 of their 2015 Financials. "Emphasis of a Matter" http://www.cbi.iq/documents/financial_statement-en.2015.pdf . 9 Quote Link to comment Share on other sites More sharing options...
brob Posted May 28, 2017 Report Share Posted May 28, 2017 Wow! Indeed Mark! Nice observation man. 2 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted May 28, 2017 Report Share Posted May 28, 2017 Great work Markinsa . 4 Quote Link to comment Share on other sites More sharing options...
Markinsa Posted May 28, 2017 Report Share Posted May 28, 2017 Types of Audit Opinions Rendered in Accounting by Julie Davoren Performing an external audit of financial statements is required by law for a publically listed company. It is also an effective assessment tool for companies seeking funding or who just want to improve their internal controls. An external auditor, after obtaining sufficient audit evidence, issues an audit report that expresses his opinion about the fairness of the financial position and financial performance of the entity. There are generally four types of audit opinions rendered in accounting. Unqualified Opinion An unqualified opinion means that the report is clean. It is usually expressed when auditors determine that the financial statements of the organization are presented fairly or give true and fair view of the entity’s operations, in accordance with the applicable financial reporting framework. It is considered by many professionals as equivalent to a patient's "clean bill of health,” hence the term "clean opinion," Interestingly, there are limitations to the cleanliness of audit reports, because auditors can merely provide reasonable assurance and can't render absolute assurance on financial position and performance. Qualified Opinion <--- This is what the CBI received. Qualified opinions are expressed when auditors conclude that they can't express unqualified opinions, and the effects of disagreements with the organization's management or limitation of scope is not so pervasive and material as to require adverse opinions or disclaimers of opinions. It is expressed when auditors take exception to a certain accounting application or are unable to minimize the risk of potential misstatements by their audit procedures. Disclaimer Opinion When auditors can't express an opinion, they give a disclaimer. This typically occurs when the organization limits the auditors. For example, the company may, for whatever reason, prevent the auditors from performing a specific audit procedure. Auditors also may not be able to render an opinion because of circumstances beyond their control. For example, the audit might have started after the company completed its inventory processes, which means the auditors did not actually observe the inventory. Other instances when auditors may not be able to render an opinion include when books of accounts are not appropriately maintained and when the auditors are unable to perform procedures they believe are necessary. Adverse Opinion When there is a conflict between the auditor and the organization's management, and the effects of this conflict are high enough to impact the decisions of the users of the financial statements, the auditor may need to take an action more severe than to give a qualified opinion. Misleading or incomplete financial statements also could lead auditors to give an adverse opinion. This opinion typically states that the financial statements are not representative of the actual position or performance of the company’s finances. The conflict might be based on the use of an accounting policy that is not acceptable, the method by which they are applied, or the calculation of the accounting estimates made by the organization. 7 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted May 28, 2017 Report Share Posted May 28, 2017 In my opinion, this is HUGE NEWS!!! The CBI has two other branches - one in Mosul and one in Basra. The CBI main office is in Baghdad. I am not sure the status of the Basra branch. However, if news of the CBI Mosul branch hits like Erbil and Sulaymaniyah here, then something really, really good is likely to follow!!! Also, this has a feel of HCL type activity being implemented. HCL passed and not announced? I dunno. The CBI Erbil branch news seems to indicate some type of solid and favorable agreement has been reached with Iraqi Kurdistan. Just my opinion and Go Moola Nova! 12 Quote Link to comment Share on other sites More sharing options...
yota691 Posted June 1, 2017 Author Report Share Posted June 1, 2017 Iraqi Central Bank to open branches in Kurdistan May 30, 2017 | 13:46 - Number of readings: 62 Show Network Iraqi position Iraqi Central Bank plans to open branches in the Kurdistan region for the first time in nearly 26 years. The Iraqi Central Bank announced in a statement posted on its official website on the need to employees of the certification campaign in many disciplines. Erbil will be opened first branch that is the opening of a branch in Sulaimaniyah later. The central bank is an independent financial institution that is not affiliated with any government agency and operates under a special law called the Central Bank Law. The Bank is the official body responsible for formulating monetary policy for the country. 10 Quote Link to comment Share on other sites More sharing options...
drj Posted June 1, 2017 Report Share Posted June 1, 2017 On 5/28/2017 at 0:02 PM, Synopsis said: In my opinion, this is HUGE NEWS!!! Also, this has a feel of HCL type activity being implemented. HCL passed and not announced? I dunno. The CBI Erbil branch news seems to indicate some type of solid and favorable agreement has been reached with Iraqi Kurdistan. I agree, Synopsis! The HCL has to have passed for this type of cooperation! We're simply waiting on the complete liberation of Mosul! 4 Quote Link to comment Share on other sites More sharing options...
Gypsygirl11 Posted June 1, 2017 Report Share Posted June 1, 2017 This can only be good. 3 Quote Link to comment Share on other sites More sharing options...
Freedomwish Posted June 1, 2017 Report Share Posted June 1, 2017 8 hours ago, Gypsygirl11 said: This can only be good. Yup! 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted August 20, 2017 Author Report Share Posted August 20, 2017 Parliamentary financial decision: the Central Bank hesitates to open two branches in Kurdistan Sunday 20 August Alsumaria News / Baghdad The decision of the Finance Committee parliamentary Ahmad Haji, on Sunday, that the Central Bank of Iraq to follow the procedures of opening branches of the bank in the Kurdistan region . Haji said in an interview with Alsumaria News that "the central bank is in the process of opening the branches of the bank in the Kurdistan region," noting that "the delay comes as a result of the seizure of the region for previous funds of the bank, in addition to the referendum to be held on the twenty-fifth of next month." Haji added that "there are funds previously to the bank (tbi) were present in the former branches of the Central Bank of Arbil and Sulaymaniyah, in addition to funds in the rest of the branches, amounting to approximately 42 branches in the Kurdistan region of banks, which the provincial government used the money in cash or Way of clearing for the disbursement of contractors' instruments that have no balance ". The Central Bank has announced on August 8 the acquisition of the Kurdistan Regional Government deposits in the branches of the Central Bank affiliated to the Ministry of Finance of the region, which is estimated at 5 trillion dinars, which returns about 50% to the Iraqi Trade Bank , and the other half to more than 80 branches of the subsidiary For private banks, including branches of foreign banks operating in Iraq. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted August 20, 2017 Author Report Share Posted August 20, 2017 Central Bank decides to stop the opening of branches in Arbil and Sulaymaniyah and reason !! 20-08-2017 11:58 AM Readers Baghdad News - The Central Bank decided to stop opening branches in Erbil and Sulaymaniyah due to the referendum scheduled for September 25, according to the decision of the Finance Committee parliamentary Ahmad Haji Rashid. "The central bank ended last month the opening of branches in Erbil and Sulaymaniyah," the decision of the parliamentary finance committee said, adding that the bank stopped the procedures because of the date of the referendum and fears of the growing problems between Baghdad and Erbil. The Central Bank has announced the middle of this year opened two branches in Sulaymaniyah and Erbil. "The citizens of Kurdistan could have benefited from the branches of the Central Bank in Erbil and Sulaymaniyah, without the decision to hold the referendum." 2 Quote Link to comment Share on other sites More sharing options...
gregp Posted August 20, 2017 Report Share Posted August 20, 2017 Well that's a fun killer. GM, Yota! 1 Quote Link to comment Share on other sites More sharing options...
MyLadiesDaddy Posted August 20, 2017 Report Share Posted August 20, 2017 3 hours ago, yota691 said: Alsumaria News / Baghdad The decision of the Finance Committee parliamentary Ahmad Haji, on Sunday, that the Central Bank of Iraq to follow the procedures of opening branches of the bank in the Kurdistan region . Yea, well it is a good thing that the CBI is an independent body and can do WHATEVER THE HECK THEY WANT. And they don't have to listen to these Iranian pipsqueaks at all. Cry all you want baby. 2 Quote Link to comment Share on other sites More sharing options...
justchecking123 Posted August 20, 2017 Report Share Posted August 20, 2017 Looks like this referendum might be a good thing. It's forcing a lot of hands within Iraq and the PTB. Something has to give(?). 1 Quote Link to comment Share on other sites More sharing options...
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