SENSEX NIFTY
Bank Of Baroda | Auditor's Report > Banks - Public Sector > Auditor's Report from Bank Of Baroda - BSE: 532134, NSE: BANKBARODA
YOU ARE HERE > MONEYCONTROL > MARKETS > BANKS - PUBLIC SECTOR > AUDITORS REPORT - Bank Of Baroda
Bank Of Baroda
BSE: 532134|NSE: BANKBARODA|ISIN: INE028A01013|SECTOR: Banks - Public Sector
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Oct 23, 17:00
889.60
1.75 (0.2%)
VOLUME 10,355
LIVE
NSE
Oct 23, 17:00
889.20
1.35 (0.15%)
VOLUME 78,170
« Mar 13
Auditor's Report (Bank Of Baroda) Year End : Mar '14
1.  We have audited the accompanying financial statements of Bank of
 Baroda as on 31st March, 2014, which comprise the Balance Sheet as on
 31st March, 2014, and Profit and Loss Account and the Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information. Incorporated in
 these financial statements are the returns of 20 branches and one
 Specialized Integrated Treasury Branch audited by us, 2080 branches
 audited by branch auditors and 53 foreign branches audited by local
 auditors. The branches audited by us and those audited by other
 auditors have been selected by the Bank in accordance with the
 guidelines issued to the Bank by the Reserve Bank of India. Also
 incorporated in the Balance Sheet and the Profit and Loss Account are
 the returns from 2773 branches which have not been subjected to audit.
 These unaudited branches account for 5.72 per cent of advances, 12.00
 per cent of deposits, 5.07 per cent of interest income and 12.23 per
 cent of interest expenses.
 
 Management''s Responsibility for the Financial Statements
 
 2.  Management is responsible for the preparation of these financial
 statements in accordance with the Banking Regulation Act 1949, Reserve
 Bank of India guidelines from time to time and accounting standards
 generally accepted in India.  This responsibility includes the design,
 implementation and maintenance of internal control relevant to the
 preparation of the financial statements that are free from material
 misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on 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 misstatements.
 
 4.  An audit involves performing procedures to obtain audit evidence
 about the amounts and disclosures in the financial statements.  The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal control relevant to the
 entity''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on
 effectiveness of the entity''s internal control. An audit also includes
 evaluating the appropriateness of accounting policies used and the
 reasonableness of the accounting estimates made by management, as well
 as evaluating the overall presentation of the financial statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 6.  Emphasis of Matter
 
 Without qualifying our opinion, we draw our attention to:
 
 a) Note No. B-2.3.3 of Schedule-18 to the financial statements, which
 describes deferment of pension liability of the Bank to the extent of
 Rs. 365.98 Crores as on 31st March, 2014 pursuant to the exemption
 granted by the Reserve Bank of India (RBI) to the public sector banks
 from application of the provisions of Accounting Standard 15 (Revised),
 Employee Benefits issued by Institute of Chartered Accountants of
 India, vide its circular no. DBOD. BP.BC/80/21.04.018/ 2010-11 dated
 February 9,2011, on Re-opening of Pension Option to Employees of Public
 Sector Banks.
 
 b) Note No. C-5.4 of Schedule-18 to the financial statements, which
 describes the accounting treatment of the amount of Deferred Tax
 Liability provided for on the claim of Special Reserve under section
 36(1)(viii) of the Income Tax Act, 1961 up to 31st March 2013, pursuant
 to RBI''s Circular No. DBOD. No. BP.BC.77/21.04.018/2013-14 dated 20th
 December 2013.
 
 7.  Opinion
 
 In our opinion, as shown by books of bank and to the best of our
 information and according to the explanations given to us:
 
 i. The Balance sheet, read with the notes thereon is a full and fair
 Balance Sheet containing all the necessary particulars, is properly
 drawn up so as to exhibit a true and fair view of state of affairs of
 the Bank as on 31st March, 2014 in conformity with accounting
 principles generally accepted in India;
 
 ii. The Profit and Loss Account, read with the notes thereon shows a
 true balance of profit, in conformity with accounting principles
 generally accepted in India, for the year covered by the account; and
 
 iii. The Cash Flow Statement gives a true and fair view of the cash
 flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 8.  The Balance Sheet and the Statement of Profit and Loss Account have
 been drawn up in Forms A and B respectively of the Third Schedule
 to the Banking Regulation Act, 1949.
 
 9.  Subject to the limitations of the audit indicated in paragraph 1 to
 5 above and as required by the Banking Companies (Acquisition and
 Transfer of Undertakings) Act, 1970 /1980 and subject also to the
 limitations of disclosure required therein, we report that;
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and belief, were necessary for the purposes of
 our audit and have found them to be satisfactory;
 
 b.  The transactions of the Bank, which have come to our notice have
 been within the powers of the Bank;
 
 c.  The returns received from the offices and branches of the Bank have
 been found adequate for the purposes of our audit;
 
 10.  In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement comply with the applicable accounting standards.
 
 For S K Mittal & Co.   For Laxminiwas 
                        Neeth & Co.         For Ray & Ray
 
 Chartered Accountants  Chartered 
                        Accountants         Chartered Accountants
 
 FRN:001135N            FRN:002460S         FRN:301072E
 
 (S K Mittal)          (Dayaniwas Sharma)  (Amitava Chowdhury)
 
 Partner                Partner             Partner
 
 M. No.008506           M . No.216244       M. No. 056060
 
 For N B S & Co.        For KASG & Co.      For Khandelwal Jain & Co
 
 Chartered Accountants  Chartered
                        Accountants         Chartered Accountants
 
 FRN:110100W            FRN: 002228C        FRN : 105049W
 
 (Pradeep J Shetty)    (Bharat Goel)       (I C Jain )
 
 Partner                Partner             Partner
 
 M. No.046940           M. No.060069        M. No.008791
 
 Place: Mumbai
 
 Date: 13th May, 2014
Source : Dion Global Solutions Limited
Quick Links for bankofbaroda
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.