Home  »  Company  »  Canara Bank  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Canara Bank

Mar 31, 2015

Report on the Financial Statements

1. We have audited the accompanying financial statements of Canara Bank as on 31st March, 2015, which comprise the Balance Sheet as at 31st March, 2015, Profit and Loss Account, 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, 2671 branches audited by statutory branch auditors and 6 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 3116 branches which have not been subjected to audit. These unaudited branches account for 4.97 per cent of advances, 16.39 per cent of deposits, 4.18 per cent of interest income and 14.54 per cent 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 Banking Regulati on Act 1949, Reserve Bank of India guidelines and recognized accounting policies and practices, including Accounting Standards issued by Institute of Chartered Accountants of India (ICAI), as applicable. This responsibility of the management includes maintenance of adequate accounting records in accordance with the provisions of applicable laws for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; the selection of and application of appropriate accounti ng policies; making judgments and estimates that are prudent; and the design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, and risk management systems relevant to the preparation and presentation of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of Financial Statements by the management of the Bank, as aforesaid.

In making those risk assessments, the management has implemented such internal controls that are relevant to the preparation of the financial statement 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.

Auditors'' 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 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 the 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 the Schedule 18: ''Notes to Accounts'' regarding:

I. Note 6.19 to the financial statement, which provide details of crediting Sundry Liability(Interest Capitalisation) on account of past period FITL directly from the Revenue Reserve as a onetime measure, as permitted by Reserve Bank of India vide their letter dated June 27, 2014.

II. Note 6.17 (a) and (b) to the financial statements, which provide details of identification and adjustment during the year regarding amortization of pension and gratuity liability as permitted by Reserve Bank of India vide their circular dated February 9, 2011.

III. Note 6.20 to the financial statements, which provide details of staggering of provision of Rs.801.07 crores for certain non-performing advances as permitted by Reserve Bank of India vide their letter dated May 15, 2015. 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.

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 a 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 P. Chopra For A.R. Das For S. C. Vasudeva & Co. & Associates & Co. Chartered Accountants Chartered Accountants Chartered Accountants FRN :004957N FRN : 306109E FRN : 000235N

(Rakesh Jain) (Syamal Kumar Nayak) (Ashish Agarwal) Partner Partner Partner Membership No. Membership Membership 087925 No.051353 No.093790

For Vinay Kumar & Co. For Ram Raj & Co. For V K Niranjan & Co. Chartered Chartered Chartered Accountants Accountants Accountants FRN :000719C FRN : 002839S FRN : 002468S

(Vinay Kumar Agrawal) (K Siva Subramanya (Niranjan V K) Partner Prasad) Partner Membership Partner Membership No.013795 Membership No.021432 No.024456

Place: Bengaluru Date: 25th May, 2015


Mar 31, 2014

1. We have audited the accompanying financial statements of Canara Bank as at March 31, 2014, which comprise the Balance Sheet as at March 31, 2014, 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 (Notes to Accounts). Incorporated in these financial statements are the returns of 20 branches audited by us, 2081 branches audited by branch auditors and 4 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 2649 branches which have not been subjected to audit. These unaudited branches account for 5.76 percent of advances, 17.30 percent of deposits, 3.53 percent of interest income and 14.75 percent 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 requirements of Reserve Bank of India, Banking Regulation Act, 1949 and applicable Accounting Standards. 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 presentation of the financial statements that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing opinion on the effectiveness on 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:

(i) the Balance Sheet, read with the Notes to Accounts 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, 2014 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the Notes to Accounts 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

We draw attention to:

a. Note 6.4 to the financial statements, which describes the accounting treatment of the expenditure on creation of Deferred Tax Liability on Special Reserve under Section 36(1)(viii) of the Income-tax Act, 1961 as at March 31, 2013, pursuant to RBI''s Circular No. DBOD. No. BP. BC. 77 / 21.04.018 / 2013-14 dated December 20, 2013.

b. Note 6.15 to the financial statements, which provides details with regard to the identification and adjustment during the year of amortization of pension and gratuity liability as permitted by Reserve Bank of India vide their circular dated February 9, 2011.

c. Note 6.19 to the financial statements, which provides details with regard to the spreading the creation of Sundry Liability (Interest Capitalisation) on account of past period FITL as permitted by Reserve Bank of India vide their letter dated January 3, 2014.

Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

7. 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.

8. 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 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. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Loonker & Co. For P. Chopra & Co.

Chartered Accountants Chartered Accountants

Firm Registration No. 000172W Firm Registration No. 004957N

(Hrudyesh N. Pankhania) (Pradeep Kumar Chopra)

Partner Partner

Membership No. 138932 Membership No. 082598

For A.R. Das & Associates For S. C. Vasudeva & Co.

Chartered Accountants Chartered Accountants

Firm Registration No. 306109E Firm Registration No.000235N

(Syamal Kumar Nayak) (Sanjay Vasudeva)

Partner Partner

Membership No. 051353 Membership No.090989

For Vinay Kumar & Co. For Ford Rhodes Parks & Co.

Chartered Accountants Chartered Accountants

Firm Registration No.000719C Firm Registration No. 102860W

(Nikhil Singhal) (A.D. Shenoy)

Partner Partner

Membership No. 079557 Membership No. 011549

Bangalore

May 05, 2014


Mar 31, 2012

1. We have audited the accompanying financial statements of Canara Bank as at 31st March 2012, which comprise the Balance Sheet as at 31st March 2012, Profit & Loss Account and the Cash Flow Statement for the year then ended, significant Accounting Policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 2660 branches audited by Branch Auditors and 4 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 statement of Profit & Loss Account are the returns from 915 Branches, which have not been subjected to audit. These unaudited branches account for 1.16 per cent of advances, 6.05 per cent of deposits, 0.90 per cent of interest income and 5.00 percent 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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatements, 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 the 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 bank'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 the 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 the books of the bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet read together with the 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 the state of affairs of the Bank as at March 31, 2012, in conformity with the accounting principles generally accepted in India;

(ii) the Profit & Loss Account together with the accounting policies and the notes thereon shows a true balance of profit, in conformity with the 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 Profit & Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulations Act, 1949.

8. 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 and also subject 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. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For S Bhandari&Co. For Manubhai & Co. Chartered Accountants Chartered Accountants

Firm Registration No.000560C Firm Registration No,106041W

PD Baid Hitesh M Pomal

Partner Partner

Member ship No.072625 Member ship No. 106137

For RK Kumar&Co. For Nandy Halder & Ganguli

Chartered Accountants Chartered Accountants

Firm Registration No.001595S Firm Registration No.302017E

CR Sundararajan RP Nandy

Partner Partner

MembershipNo.025400 MembershipNo.051027

ForHKChaudhry&Co. ForK. VenkatachalamAiyer&Co.

Chartered Accountants Chartered Accountants

Firm Registration No.006154N FirmRegistrationNo.004610S

InderjitSoni A Gopalakrishnan

Partner Partner

Membership No.088694 MernbershipNo.018159

BANGALORE

MAY 10, 2012


Mar 31, 2011

1. We have audited the accompanying financia statements of Canara Bank as at 31st March 2011, which comprise the Balance Sheet as at 31st March 2011, Profit & Loss Account and the Cash Flow Statement for the year then ended, significant Accounting Policies and other explanatory information. Incorporated in these financia statements are the returns of 20 branches audited by us, 2716 branches audited by Branch Auditors and 4 foreign branches audited by local auditors. The Branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guidelines issued by the Reserve Bank of india. Also incorporated in the Balance Sheet and the statement of Profit & Loss are the returns from 521 Branches, which have not been subjected to audit. These unaudited branches account for 0.37 per cent of advances, 1.61 per cent of deposits, 0.16 per cent of interest income and 1.20 per cent of interest expenses.

Managements Responsibility for the Financial Statements:

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financia I statements that a re free from material misstatement, whether due to fraud or error.

Auditors 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 requirethatwe comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financial statements arefreefrom 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 auditors 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 banks preparation and fair presentation of the financia 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 the 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 auditopinion.

Emphasis of Matter:

6. Without qualifying our opinion, we draw attention to Note No.5.3 to the Schedule 18 of the financia statements, which describes deferment of pension and gratuity liability of the Bank to the extent of Rs.2026.48 Crore pursuant to the exemption granted bythe Reserve Bankof India to the Public Sector Banks from the application of the provisions of Accounting Standard (AS) 15, Employee Benefits, vide its circular No. DBOD. BP. BC/80/21.04.018/2010-11 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment.

Opinion:

7. In our opinion, as shown bythe books of the bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet read together with the 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 the state of affairs of the Bank as at March 31, 2011, in conformity with the accounting principles generally accepted in India;

(ii) the Profit & Loss Account read together with the Accounting Policies and Notes thereon shows a true balance of profit, in conformity with the accounting principles generally accepted in India, fortheyearcovered bythe 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 Profit &t Loss Account have been drawn up in Forms "A" a nd "B" respectively of the Third Schedule to the Ban king Regulations Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph lto 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we reportthat:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessaryforthe purposes of our auditand havefoundthemto 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 forthe purposes of ouraudit.

10. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For S Bhandari & Co. For Manubhai &Co.

Chartered Accountants Chartered Accountants

Firm Registration No.000560C Firm Registration No,106041W

SS Bhandari Hitesh M Pomal

Partner Partner

Membership No.011332 Membership No. 106137

For R K Kumar & Co. For Nandy Haider & Ganguli

Chartered Accountants Chartered Accountants

Firm Registration No.001595S Firm Registration No.302017E

C RSundararajan Partha S Chanda

Partner Partner

Membership No.025400 Membership No.056653

For H KChaudhry &Co. For K. Venkatachalam Aiyer &Co.

Chartered Accountants Chartered Accountants

Firm Registration No.006154N Firm Registration No.004610S

Monish Baweja K Narayanan

Partner Partner

Membership No.087384 Membership No.007024

BANGALORE MAY 05, 2011






Mar 31, 2010

1. We have audited the attached Balance Sheet of Canara Bank as at 31st March 2010 and also the Profit & Loss Account and the Cash Flow Statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 Indian Branches audited by us, 2569 other Indian branches audited by Branch Auditors and 3 Foreign Branches audited by the Overseas Auditors. The Branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guidelines issued by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit & Loss Account are the returns from 454 Branches, which have not been subjected to audit. These unaudited branches account for 0.52 per cent of advances, 2.75 per cent of deposits, 0.45 per cent of interest income and 2.82 per cent of interest expenses. These financial statements are the responsibility of the Banks 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 assessingthe 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 basisforouropinion.

3. The Balance Sheet and the Profit & Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulations 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 and also subject 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. ThetransactionsoftheBank, which havecometo 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 forthe purposes of ouraudit.

5. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

6. Inouropinion, as shown bythe books of the Bank, and to the best of our information and according to the explanations given to us:

(i) The Balance Sheet is a full and fair Balance Sheet read together with Accounting Policies and Notes on Accounts containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31st March 2010;

(ii) The Profit & Loss Account read together with Accounting Policies and Notes on Accounts shows a true balance of Profit for the year ended on that date; and

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

For M Anandam & Co.

Chartered Accountants Firm

Registration No.000125S

AVS adasiva

Partner

Membership No.18404

For S Bhandari & Co.

Chartered Accountants Firm

Registration No.000560C

P D Baid

Partner

Membership No. 72625

For R K Kumar & Co.

Chartered Accountants

Firm Registration No.0015955

BRAshok

Partner Membership No.23313

For N Sankaran & Co.

Chartered Accountants Firm Registration NO.003590S

B Chandrasekhar

Partner Membership No.16616

For Manubhai &Co.

Chartered Accountants Firm Registration NO.106041W

Kshitij M Patel

Partner

Membership No. 45740

For Nandy Haider & Ganguli

Chartered Accountants Firm Registration No.302017E

Amp Haider

Partner Membership No.7144

BANGALORE APRIL 28, 2010

 
Subscribe now to get personal finance updates in your inbox!