Bank Of Baroda | Auditor's Report > Banks - Public Sector > Auditor's Report from Bank Of Baroda - BSE: 532134, NSE: BANKBARODA

Bank Of Baroda

BSE: 532134|NSE: BANKBARODA|ISIN: INE028A01039|SECTOR: Banks - Public Sector
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Mar 15
Auditor's Report (Bank Of Baroda) Year End : Mar '16
1.  We have audited the accompanying financial statements of Bank of
 Baroda as on 31st March, 2016, which comprise the Balance Sheet as on
 31st March, 2016, 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, 2566 branches
 audited by Statutory Branch Auditors and 49 foreign branches audited by
 local auditors in respective countries. 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 2743 branches which have not been
 subjected to audit. These unaudited branches account for 4.63 per cent
 of advances,11.82 per cent of deposits, 5.63 per cent of interest
 income and10.58 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.  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, 2016 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 loss, 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
 7.  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.
 8.  Subject to the limitations of the audit indicated in paragraph1 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;
 9.  We further report that:
 a. The Balance Sheet and Profit and Loss account dealt with by this
 report are in agreement with the books of account and returns;
 b.  The reports on the accounts of the branch offices audited by branch
 auditors of the Bank under section 29 of the Banking Regulation Act,
 1949 have been sent to us and have been properly dealt with by us in
 preparing this report;
 c.  In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement comply with the applicable accounting standards.
                                          For Wahi & Gupta 
                                          Chartered Accountants 
                                          FRN: 002263N
                                          Anuj Gupta
                                          M.No: 076560
                                          For Rodi Dabir & Co 
                                          Chartered Accountants
                                          FRN: 108846W
                                          Sudhir Dabir
                                          M.No: 039984
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