kallappanna awade ichalkaranji janata sahakari ban Auditors report

AUDITOR

(Under Section 31 of The Banking Regulation Act 1949 and Section 73 (4) of the Multi State Co-op Societies Act 2002 and Rule 27 of Multi State Co-op Societies Rules 2002)

To

The Members of

Kallappanna Awade Ichalkaranji Janata Sahakari

Bank Ltd.,Ichalkaranji.

Report on the Financial statement

1. We have audited the accompanying financial statements of the Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd, which comprise the Balance Sheet as at 31stMarch, 2014 and the Statement of Profit and Loss 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 all 39 branches and Head office audited by us.

Managements Responsibility for the Financial Statement

2. Management is responsible for the preparation of these financial statements in accordance with Banking Regulation Act 1949 (AACS) and Multi State Co-op. Societies Act 2002. 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.

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 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 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 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. Subject to our comments and observation contained in part A, B and C of the Audit Memorandum (HO report and Branch reports) enclosed herewith, In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon give the information required by the Banking Regulation Act, 1949 (AACS) as well as Multi State Co-op. Societies Act 2002, in the manner so required for the bank and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

I) In the case of the Balance Sheet, of the state of a fairs of the Bank as at 31st March/2014.

II) In the case of the Profit and Loss Account of the profit for the year ended on that date; and

III) In the case of the Cash Flow Statement, of cash flows for the year ended on that date.

Report on other Legal & Regulatory matters

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 (AACS)

8. Subject to our comments and observations contained in the Audit Report of even date we report that:

(a) The Schedules giving the particulars referred to in Rule 27 (3) of Multi State Co-operative Societies Rules 2002 to the extent applicable are attached to report;

(b) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose 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 subject to our comments wherever made in the audit report;

(d) In our opinion and according to the information given to us, there has been no material impropriety or irregularity in the expenditure or in the realization of money due to the bank;

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

(f) In our opinion, proper books of account as required by law have been kept by the Bank so far as appears from our examination of those books;

(g) The returns received from the 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 Statements comply with the applicable Accounting Standards issued by Institute of Chartered Accountants of India.

	For M/s Gogateand
	Company
	Chartered Accountants
	CA U V Gogate
	Partner
Place : Ichalkaranji	M No 109574
Date : 4th August 2014	FRN:12414