CANARA BANK Auditors Report

INDEPENDENT AUDITORS’ REPORT


To,


The Members of Canara Bank


Report on the Financial Statements


1. We have audited the accompanying financial statements of Canara Bank as on 31st March, 2017, which comprise the Balance Sheet as at 31st March, 2017, 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, 3234 branches audited by statutory branch auditors and 7 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 2821 branches which have not been subjected to audit. These unaudited branches account for 5.24 per cent of advances, 15.39 per cent of deposits, 5.00 per cent of interest income and 14.95 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 in accordance with the Banking Regulation Act 1949, Reserve Bank of India guidelines issued from time to time and Accounting Standards generally accepted in India. This responsibility of the Management includes 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.


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 as to 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, 2017 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.


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 / 1980 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. We further report that


a) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account and returns;


b) The report on the accounts of the Branch / Offices audited by the branch auditors of the Bank under Section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report;


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


For Ram Raj & Co. For V K Niranjan & Co.


Chartered Accountants Chartered Accountants


FRN:002839S FRN:002468S


G Venkateshwara Rao Jayarajan M


Partner Partner


Membership No. 024182 Membership No. 011105


For J Singh & Associates For J L Sengupta & Co.


Chartered Accountants Chartered Accountants


FRN:110266W FRN:307092E


J Singh S R Ananthakrishnan


Partner Partner


Membership No. 042023 Membership No. 018073


Place : Bengaluru


Dated : May 08, 2017

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
“2019 © COPYRIGHT DYNAMIC EQUITIES PVT. LTD.”

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

  • Download our Mobile App
  • Available on Google Play
  • Available on App Store
  • RSS