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To, The Members of Canara Bank
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of Canara Bank as at 31st March, 2018, which comprise the standalone Balance Sheet as at 31st March, 2018, Standalone Profit and Loss Account, the Standalone 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, 3661 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 Standalone Balance Sheet and the Standalone Profit and Loss Account are the returns from 2523 branches which have not been subjected to audit. These unaudited branches account for 4.87 per cent of advances, 16.72 per cent of deposits, 3.64 per cent of interest income and 16.30 per cent of interest expenses.
Managements Responsibility for the Standalone Financial Statements
2. The banks management is responsible for the preparation of these Standalone 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 Standalone Financial Statements that are free from material misstatement, whether due to fraud or error.
3. Our responsibility is to express an opinion on these Standalone 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 standalone 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 auditors 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 Banks preparation and fair presentation of the Standalone 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 entitys 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.
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 Standalone 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, 2018 in conformity with accounting principles generally accepted in India;
II. The Standalone Profit and Loss Account, read with the significant accounting policies and the notes thereon shows a true balance of loss, in conformity with accounting principles generally accepted in India, for the year covered by the account; and
III. The Standalone 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 Standalone 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 Standalone Balance Sheet and the Standalone 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 Standalone Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.
|J Singh & Associates||J L Sengupta & Co.|
|Chartered Accountants||Chartered Accountants|
|FRN : 110266W||FRN : 307092E|
|(J Singh)||(S Mandal)|
|Membership No 042023||Membership No 068309|
|Dagliya & Co.||Komandoor & Co LLP|
|Chartered Accountants||Chartered Accountants|
|FRN :000671S||FRN : 001420S/ S200034|
|(P Manohara Gupta)||(K Mohan Acharya)|
|Membership No 016444||Membership No 029082|
|Place : Bengaluru|
|Date : May 11, 2018|