commonwealth bank of australia Auditors report

Auditors Report

on the Financial Statements Under Section 30 of the Banking Regulation Act, 1949

Report on Financial Statements

1. We have audited the attached financial statements of COMMONWEALTH BANK OF AUSTRALIA, India Branch which comprise the Balance Sheet as at March 31, 2014 and also the Statement of Profit and Loss for the year ended and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with 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 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 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 Companys 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. 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 as well as the Companies Act, 1956, in the manner so required for the banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In case of the Balance Sheet, of the state of affairs of the Bank as at March 31, 2014;

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

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

Report on Other Legal and 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 read with Section 211 of the Companies Act, 1956.

8. 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 purpose 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.

9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, read with the guidelines issued by the Reserve Bank of India in so far as they apply to the Bank.

10. We further report that:

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

b) In pur 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.

c) The requirements of Section 274 (1) (g) of the Companies Act, 1956 are not applicable considering the Bank is a branch of Commonwealth Bank of Australia incorporated in Australia with Limited liability.

For Bilimoria Mehta & Co,

Chartered Accountants

Firm Registration No: 101490W

Sd/-

Prakash Mehta

Partner

Membership No: 030382

Place: Mumbai

Date: June 12,2014