BANK OF INDIA
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To,
The President of India,
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.
Chartered Accountants Chartered Accountants
(Firm Reg. No. 002405C) (Firm Reg. No. 104863W)
(Anil K. Saxena) (Shashikant Gupta)
Partner Partner
M. No. 71600 M. No. 45629
For L.B. Jha & Co For Sankaran & Krishnan
Chartered Accountants Chartered Accountants
(Firm Reg. No. 301088E) (Firm Reg. No. 003582S)
(K.K. Bhanja) (M.K. Kumar)
Partner Partner
M. No. 14722 M. No. 202092
For Chaturvedi & Shah For SRB & Associates
Chartered Accountants Chartered Accountants
(Firm Reg. No. 101720W) (Firm Reg. No. 310009E)
(Vitesh D. Gandhi) (Sanjeet Patra)
Partner Partner
M. No. 110248 M. No. 056121 |