City Union Bank | Auditor's Report > Banks - Private Sector > Auditor's Report from City Union Bank - BSE: 532210, NSE: CUB
City Union Bank
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Auditor's Report (City Union Bank) Year End : Mar '14
1.  We have audited the accompanying financial statements of City Union
 Bank Limited, which comprise the Balance Sheet as at 31st March, 2014
 and the statements of Profit and Loss and 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 3 branches and Central Office audited by
 us and 424 branches/offices audited by branch auditors.
 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 and
 Accounting Standards notified under the Companies Act, 1956 (this
 Act) read with General Circular 15/2013 dated 13th September 2013 of
 the Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act, 2013. 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 judgement, 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
 Bank''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 the
 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.  In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts together with the
 accounting policies and notes thereon give the information required by
 the Banking Regulation Act, 1949 as well as Companies Act, 1956, in the
 manner so required for the banking companies and give a true and fair
 view in conformity with the accounting principles generally accepted in
 (i) in the case of the Balance Sheet, of the state of affairs of the
 Bank as at 31st March,2014;
 (ii) in the case of the Profit and Loss Account of the profit for the
 year ended on that date; and
 (iii) in the case of the Cash Flow Statement, of cash flows for the
 year ended on that date.
 Emphasis of Matter
 7.  Without qualifying our opinion, we draw attention to:
 Note 9 of the financial statements, which describes the accounting
 treatments of the expenditure on creation of Deferred Tax Liability of
 Rs. 30.25 crore on Special Reserve under Section 36(1) (viii) of the
 Income Tax Act, 1961 as at 31st March 2013, pursuant to RBI''s Circular
 No. DBOD No.BO.BC.77/21.04.018/2013-14 dated 20th December 2013.
 Report on Other Legal and Regulatory matters:
 8.  The Balance Sheet and the Profit and Loss Account have been drawn
 up in accordance with the provisions of Section 29 of the Banking
 Regulation Act, 1949 read with Section 211 of the Companies Act, 1956.
 9.  Subject to the limitations and the audit indicated in paragraph 1
 to 5 above, 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 purpose 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 Accounting Statement notified under
 the Companies Act, 1956 read with General Circular 15/2013 dated 13th
 September 2013 of the Ministry of Corporate Affairs in respect of
 Section 133 of the Companies Act, 2013.
 11.  We further report that:
 (i) the Balance Sheet and Profit and Loss Account dealt with by this
 report, are in agreement with the books of account and the returns;
 (ii) in our opinion, proper books of accounts as required by law have
 been kept by the Bank so far as appears from our examination of those
 (iii) the reports on the accounts of the branches audited by branch
 auditors have been dealt with in preparing our report in the manner
 considered necessary by us;
 (iv) as per information and explanation given to us, the Central
 Government has, till date, not prescribed any cess payable under
 section 441A of the Companies Act, 1956;
 (v) on the basis of the written representation received from the
 directors and taken on record by the Board of Directors, none of the
 directors is disqualified as on 31st March, 2014 from being appointed
 as a director in terms of clause (g) of sub-section (1) of section 274
 of the Companies Act, 1956.
                                         For M/s. P. Chandrasekar
                                            Chartered Accountants
                                              (Firm No. 000580 S)
 Place: Chennai                                          Partner
 Date : 26th May, 2014                             M.No. : 28508
Source : Dion Global Solutions Limited
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