Home  »  Company  »  Bank of India  »  Quotes  »  Auditor Report
Union Budget 2017-18
Enter the first few characters of Company and click 'Go'

Auditor Report of Bank of India

Mar 31, 2015

1. We have audited the accompanying financial statements of Bank of India (''the Bank'') as at March 31,2015, which comprise 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

a. The Head office and 20 branches (Including Treasury Branch) audited by us;

b. 2100 domestic branches audited by other auditors; and

c. 25 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 by the Reserve Bank of India.

Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 2772 domestic branches which have not been subjected to audit. These unaudited branches account for 5.54% of advances, 16.33% of deposits, 4.97% of interest income and 15.00% of interest expenses.

Management''s Responsibility for the Financial Statements

2. The Management is responsible for the preparation of these financial statements in accordance with the requirement of Reserve Bank of India, provisions of the Banking Regulation Act, 1949, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, recognised accounting practices including the Accounting Standards issued by the Institute of Chartered Accountants of 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 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 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 Bank''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 Bank, and to the best of our information and according to the explanations given to us:

a. The Balance Sheet, read with significant accounting policies and 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 March 31, 2015 in conformity with accounting principles generally accepted in India;

b. the Profit and Loss Account, read with significant accounting policies and 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

c. 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:

a. Note no. 18.2 to the financial statements relating to change in the accounting policy for provisioning in respect of NPAs classified as Doubtful category (Secured portion) - up to one year resulting in decrease in the provision for NPAs for the year by Rs. 811.00 Crores with consequential increase in Net profit for the year (net of tax) by Rs. 535.34 Crores.

b. Note No. 18.5.2 regarding utilisation of Floating Provision of Rs. 232.22 Crores during the year as permitted by RBI

c. Note No. 18.7(f) regarding the deferment of provision in respect of certain NPAs and loss on sale of certain NPAs resulting in decrease in the provision by Rs. 709.31 Crores and decrease in operating expenses by Rs. 403.21 Crores with consequential increase in Net Profit for the year (net of tax) by Rs. 734.37 Crores.

d. Note No. 18.7(g) regarding the deferment of the loss on sale of financial assets to ARCs resulting in decrease in operating expenses by Rs. 478.91 Crores with consequential increase in Net Profit for the year (net of tax) by Rs. 316.13 Crores.

Our opinion is not qualified in respect of these 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.

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, 1970and 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; and

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.

M/s. Isaac & Suresh M/s. M. M. Nissim and Co M/s. D. Singh & Co. Chartered Accountants Chartered Accountants Chartered (FRN 001150S) (FRN 107122W Accountants (FRN 001351N)

K. Vijaya Mohan Valiathan Sanjay Khemani simran singh Partner Partner Parter M. No. 028648 M. No. 044577 M. No. 098641

M/s. J. P. Kapur & Uberai M/s. Grover, Lalla & M/S.Rattan & Chartered Accountants Mehta associates (FRN 000593N) Chartered Accountants Chartered (FRN 000593N) Accountants (FRN 008976N)

Deepak Menon Ashok Grover Rakesh kumar Partner Partner Parter M. No. 084225 M. No. 081784 M. No. 095399

Date : 28th May, 2015


Mar 31, 2014

The accompanying abridged Financial Statements, which comprise the Standalone and Consolidated (a) abridged Balance Sheet as at 31st March 2014, (b) the abridged Proft and Loss Account, and (c) abridged Cash Flow Statement for the year then ended, and related notes, are derived from the audited Standalone and Consolidated Financial Statements of Bank of India (''the Bank'') for the year ended 31st March 2014. We expressed an unmodified audit opinion on those Financial Statements in our report dated 15th May 2014.

The abridged Financial Statements do not contain all the disclosures required by the Accounting Standards applied in the preparation of the audited Financial Statements of the Bank. Reading the abridged Financial Statements, therefore, is not a substitute for reading the audited Financial Statements of the Bank.

Management''s responsibility for the abridged Financial Statements

Management is responsible for the preparation of summary of Financial Statements in accordance with guidelines issued by Ministry of Finance, Government of India, vide their letter dated 1st August, 2012, which are based on the audited Financial Statements for the year ended 31st March 2014, prepared in accordance with regulatory guidelines, Accounting Standards and accounting principles generally accepted in India.

Auditor''s responsibility

Our responsibility is to express an opinion on the abridged Financial Statements based on our procedures, which were conducted in accordance with Standard on Auditing (SA) 810, "Engagements to Report on Summary Financial Statements" issued by the Institute of Chartered Accountants of India.

Opinion

In our opinion, the abridged Financial Statements, prepared in accordance with guidelines issued by Ministry of Finance, Government of India, vide their letter dated 1st August, 2012 are derived from the audited Financial Statements of the Bank for the year ended 31st March 2014 and are a fair summary of those Financial Statements.

M/s. SRB & Associates M/s. Isaac & Suresh M/s. M. M. Nissim and Co.

Chartered Accountants Chartered Accountants Chartered Accountants

(FRN 310009E) (FRN 001150S) (FRN 107122W)

Sanjeet Patra Benny Joseph Sanjay Khemani

Patner Partner Partner

M. No. 056121 M. No. 200689 M. No. 044577

M/s. D. Singh & Co. M/s. J. P. Kapur & Uberai M/s. Andros & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

(FRN 001351N) (FRN 000593N) (FRN 008976N)

Simran Singh Deepak Menon Om Prakash Lakra

Partner Partner Partner

M. No. 098641 M. No. 084225 M. No. 081431

Date : 29th May, 2014


Mar 31, 2012

1. We have audited the attached Balance Sheet of BANK OF INDIA as at 31st March, 2012, the Profit and Loss Account and the Cash Flow for the year ended on that date annexed thereto in which are incorporated the returns of 20 branches (including Treasury Branch) audited by us, 2651 branches audited by other auditors and 24 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 Profit and Loss Account are the returns from 1328 branches which have not been subjected to audit. These unaudited branches account for 2.50% percent of advances, 8.87% percent of deposits, 2.06% percent of interest income and 6.04% percent of interest expenses. These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. 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.

4. Subject to the limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, we report that:

a) In our opinion and to the best of our knowledge and according to the information and explanations given to us and as shown by the books of the Bank:

(i) The Balance Sheet read together with the Significant Accounting Policies and Notes forming part of Accounts is a full and fair Balance Sheet containing the necessary particulars, and is properly drawn up so as to exhibit a true and fair view of the affairs of the Bank as at 31st March, 2012;

(ii) The Profit and Loss Account read together with the Significant Accounting Policies and Notes forming part of Accounts shows a true balance of Profit in conformity with accounting principles generally accepted in India for the year covered by the accounts; and

(iii) The Cash Flow Statement gives a true and fair view of the cash flows for the year covered by the Statement.

b) 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.

c) The transactions of the Bank which have come to our notice have been within the powers of the Bank.

d) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

For Agarwal & Saxena For Karnavat & Co. For Chaturvedi & Shah

Chartered Accountants Chartered Accountants Chartered Accountants

(Firm Reg. No. 002405C) (Firm Reg. No. 104863W) (Firm Reg. No. 101720W)

(Anil K. Saxena) (Shashikant Gupta) (Vitesh D. Gandhi)

Partner Partner Partner

M. No. 71600 M. No. 45629 M. No. 110248

For L.B. Jha & Co For Sankaran & Krishnan For SRB & Associates

Chartered Accountants Chartered Accountants Chartered Accountants

(Firm Reg. No. 301088E) (Firm Reg. No. 003582S) (Firm Reg. No. 310009E)

(K.K. Bhanja) (M.K. Kumar) (Sanjeet Patra)

Partner Partner Partner

M. No. 14722 M. No. 202092 M. No. 056121

Mumbai, 30th April, 2012

 
Subscribe now to get personal finance updates in your inbox!