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: INE028A01013|SECTOR: Banks - Public Sector
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Auditor's Report (Bank Of Baroda) Year End : Mar '13
1.  We have audited the accompanying financial statements of Bank of
 Baroda as on 31st March, 2013, which comprise the Balance Sheet as on
 31st March, 2013, 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 audited by
 us, 1848 branches audited by branch auditors and 49 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 2408 branches (including 1 Offshore business unit)
 which have not been subjected to audit. These unaudited branches
 account for 6.86 per cent of advances, 12.43 per cent of deposits, 6.17
 per cent of interest income and 13.24 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. 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 Matter of Emphasis

Without qualifying our opinion, we draw our attention to

1) Note No. B.1.3.3, which describes deferment of pension liability of the Bank to the extent of Rs. 731.96 Crores as on 31st March, 2013 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 Accountant 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.

2) Note No C-8 of the Financial Statement, which describes that the unrecognized deficit aggregating Rs. 62.20 crores as on 31st March, 2013, arising out of the take over of specified assets and liabilities from the Memon Cooperative Bank Limited to be charged off proportionately till the financial year 2013-14 as per approval received from Reserve Bank of India vide letter No. DBOD. No. BP. 1311 / 21.04.048 /2010-11 dated July 25, 2011.

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, 2013 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 Laxminiwas Neeth & Co. For Brahmayya & Co. For Ray & Ray

Chartered Accountants Chartered Accountants Chartered Accountants FRN: 002460S FRN:000511S FRN:301072E

(Garre Subba Rao) (Jitendra Kumar) (Amitava Chowdhury)

Partner Partner Partner

M No.019579 M No.201825 M. No. 056060

For S. K. Mittal & Co. For N. B. S. & Co. For KASG & Co.

Chartered Accountants Chartered Accountants Chartered Accountants FRN: 001135N FRN: 110100W FRN: 002228C

(S.K. Mittal) (Pradeep J. Shetty) (R. K. Agarwal)

Partner Partner Partner

M. No. 008506 M No.046940 M No.073063

Place: Mumbai

Date: 13th May, 2013

Source : Dion Global Solutions Limited
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