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« Mar 14
Auditor's Report (State Bank of India) Year End : Mar '15
1. We have audited the accompanying financial statements of State Bank
 of India (the Bank) as at 31st March 2015, which comprises the
 Balance Sheet as at March 31,2015, the 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
 
 i) The Central Offices, 14 Local Head Offices, Global Market Group,
 International Business Group, Corporate Accounts Group (Central),
 Mid-Corporate Group (Central), Stressed Assets Management Group
 (Central) and 42 branches audited by us;
 
 ii) 8928 Indian Branches audited by other auditors;
 
 iii) 52 Foreign Branches audited by the 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 8144 Indian
 Branches (including other accounting units) which have not been
 subjected to audit. These unaudited branches account for 4.19% of
 advances, 17.54% of deposits, 5.30% of interest income and 16.26% of
 interest expenses.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE
 
 FINANCIAL STATEMENTS
 
 2. The Bank''s management is responsible for the preparation of these
 financial statements that give a true and fair view of the financial
 position, financial performance and cash flows of the Bank in
 accordance with the requirements of the Reserve Bank of India, the
 provisions of the Banking Regulation Act, 1949, the State Bank of India
 Act, 1955
 
 and recognised accounting policies and practices, including the
 Accounting Standards issued by the Institute of Chartered Accountants
 of India (ICAI).  This responsibility of the management includes the
 design, implementation and maintenance of internal controls and risk
 management systems relevant to the preparation of the financial
 statements that are free from material misstatement, whether due to
 fraud or error. In making those risk assessments, the management has
 implemented such internal controls that are relevant to the preparation
 of the financial statements and designed procedures that are
 appropriate in the circumstances so that the internal control with
 regard to all the activities of the Bank is effective.
 
 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 misstatement.
 
 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
 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.
 
 OPINION
 
 6. In our opinion, as shown by books of the Bank, and to the best of
 our information and according to the explanations given to us:
 
 (i) the Balance Sheet, read with the significant accounting policies
 and 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 at 31st March 2015 in
 conformity with accounting principles generally accepted in India;
 
 (ii) the Profit and Loss Account, read with the significant accounting
 policies and 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.
 
 EMPHASIS OF MATTER
 
 7. We draw attention to Schedule 18: Notes to Accounts regarding:
 
 i) Notes 18.7 - para [a]: change in method/rate of depreciation on
 Fixed Assets resulting in an increase in profit by Rs.420.76 crores.
 
 ii) Notes 18.7 - para [b(i)(1c)]: change in valuation of Plan Assets of
 long-term benefits from Book Value to Fair Value, resulting in increase
 in the value of Plan Assets by Rs. 2182.87 crores.
 
 iii) Notes 18.8 - para 21: non-amortization of Rs. 2179.42 crores on
 account of loss on sale of assets to Reconstruction Companies.
 
 iv) Notes 18.8 - para 22: utilization of Counter Cyclical Buffer of
 Rs.382 crores during the year.
 Our opinion is not qualified in respect of the above stated matters.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 8. The Balance Sheet and the Profit and Loss Account have been drawn up
 in Forms A and B respectively of the Third Schedule to the Banking
 Regulation Act 1949, and that these give information as required to be
 given by virtue of the provisions of the State Bank of India Act, 1955
 and regulations there under.
 
 9. Subject to the limitations of the audit indicated in paragraphs 1 to
 5 above and as required by the State Bank of India Act, 1955, and
 subject also to the limitations of disclosure required there in, 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, the Profit and Loss Account and
 the Cash Flow Statement comply with the applicable acco unting
 standards.
 
 
 For S. Venkatram & Co.    For V.P. Aditya & Co.  For S. N. Nanda & Co.
                           Chartered Accountants  Chartered Accountants 
 Chartered Accountants
 
 
 G. Narayanaswamy          Surendra Kakkar        Gaurav Nanda
 Partner : M.No.002161     Partner: M.No.071912   Partner: M.No.500417
 Firm Regn.No.004656S      Firm Regn.No.000542C   Firm Regn.No.000685N
 
 For S. Jaykishan          For Dhamija Sukhija 
                           & Co.                For Sriramamurthy & Co.
 Chartered Accountants     Chartered Accountants Chartered Accountants
 
 Sunirmal Chatterjee       Prabhat Sukhija        J. Lalitha 
 Partner: M.No.017361      Partner: M.No.514761   Partner: M.No.201855 
 Firm Regn.No.309005E      FirmRegn.No.000369N    Firm Regn.No.003032S
 
  
 For Prakash & Santosh     For T R Chadha & Co.   For K. B. Sharma & Co.
 Chartered Accountants     Chartered Accountants  Chartered Accountants
 
 G K Mishra                Vikas Kumar            Hemant Sharma
 Partner: M.No.074586      Partner: M.No.075363   Partner: M.No.503080
 Firm Regn.No.000454C      FirmRegn.No.006711N    Firm Regn.No.002318N
 
 For Mehra Goel & Co.     For SRRK Sharma 
                          Associates          For B. Chhawchharia & Co.
 Chartered Accountants   Chartered Accountants  Chartered Accountants
 
 R K Mehra               G S Krishnamurthy      Kshitiz Chhawchharia
 Partner: M.No.006102    Partner: M.No.013841   Partner: M.No.061087 
 Firm Regn.No.000517N    Firm Regn.No.003790S   Firm Regn.305123E
 
 For S. N. Mukherji & Co.  For V. Sankar Aiyar & Co.
 Chartered Accountants     Chartered Accountants
 
 Sudip Kumar Mukherji      S. Venkatraman
 Partner, M.No.013321      Partner: M.No.034319
 Firm Regn.No.301079E      Firm Regn.No.109208W
 
 
 Place: Kolkata
 Date: 22 May 2015
Source : Dion Global Solutions Limited
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