REPORT OF THE BRANCH AUDITORS TO THE STATUTORY CENTRAL AUDITORS
Statutory Central Auditors
Report on Financial Statements
- We have audited the accompanying financial statements of Bank of India …………. Branch as at 31st March, 2015which comprises Balance sheet as at 31 March, 2015, and statement of profit & loss account for the year then ended, and other explanatory information.
Management’s Responsibility for the Financial Statements
- Management of the Branch is responsible for the preparation of these financial statements that give true and fair view of the financial position and financial performance of the branch in accordance with the Banking regulation Act, complying with RBI guidelines from time to time. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.
- Our responsibility is to express an opinion on these financial statements based on our Audit. We conducted our audit in accordance with the Standards of Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
- An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The Procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Branch’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management of the Branch, as well as evaluating the overall presentation of the financial statements of the Branch.
- We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
- In our opinion, and to the best of our information and according to the explanations given to us, read with the memorandum of changes mentioned in paragraph XI below, the financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:
- In the case of the Balance Sheet, of the state of affairs of the branch as at 31st March, 2015 and
- In the case of Profit & Loss Account, of the profit/loss for the year ended on that date;
Report on other legal and regulatory Requirements
- The Balance-Sheet and the Profit & Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;
- we report that:
- We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit and have found them to be satisfactory.
- The transactions of the Branch which have come to my/our notice have been within the powers of the Bank.
- We further report that
- The balance sheet & Profit & Loss account dealt with by this report are in agreement with the books of account and returns;
- In our opinion proper books of accounts as required by law have been kept by the branch so far as appears from our examination of those books;
- No adjustments/provisions have been made in the accounts of the Branch in respect of matters usually dealt with at Central Office, including in respect of:
(a) Bonus, ex-gratia, and other similar expenditure and allowances to branch employees;
(b) Terminal permissible benefits to eligible employees on their retirement (including additional retirement benefits), Gratuity, Pension, liability for leave encashment benefits and other benefits covered in terms of ‘AS 15 –Employee Benefits’ issued by the Institute of Chartered Accountants of India;
(c) Arrears of salary/wages/allowances, if any, payable to staff;
(d) Staff welfare contractual obligations;
(e) Old unreconciled/unlinked entries at debit under various heads comprising Inter branch/office Adjustments;
(f) Interest on overdue term deposits;
(g) Depreciation on fixed assets;
(h) Auditors’ fees and expenses;
(i) Taxation (Current Tax and Deferred Tax).
- The following is a summary of Memorandum of Changes submitted by us to the branch management:
|Memorandum of Changes(summary)|
|a. In respect of income|
|b. Inrespect of Expenditure|
|c. In respect of assets|
|d. In respect of liabilities|
|e. In respect of Gross NPAs|
|f. In respect of provision on NPAs|
|g. In respect of classification of Advances|
|h. In respect of Risk Weighted Assets|
|i. Other items (if any)|
Place:- M. No .
Date:- F R N