indian institute of banking finance Auditors report

Independent Auditor

To the Members of Indian Institute of Banking and Finance Report on the Financial Statements

We have audited the accompanying financial statements of Indian Institute of Banking and Finance (‘the Company’), which comprises of Balance Sheet as at 31st March, 2014, and the Statement of Income and Expenditure for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management of the Company is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Institute in accordance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

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.

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 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 Company’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 the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, and to the best of our information and according to the explanations given to us, the financial statements give the information required by The Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of the Institute as at 31st March, 2014; and (b) in the case of Statement of Income and Expenditure, of the surplus for the year ended on that date.

Emphasis of Matter

Without qualifying our opinion, attention is invited to Note No. 23 and Note No. 31.1, pertaining to Institute’s application for exemption from tax and status of Income Tax matters for various assessment years for which no provision for taxation has been made in the accounts.

Report on Other Legal and Regulatory Requirements

1. As the Companies (Auditor’s Report) Order, 2003 as amended by the Companies (Auditor’s Report)(Amendment) Order, 2004 (the "Order"), issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, is not applicable to Company licensed to operate under section 25 of the Companies Act, 1956 (erstwhile Sec 26 of the Companies Act, 1913), no report has been made on the matters specified therein.

2. As required by Section 227(3) of the Companies Act, 1956, 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; b) In our opinion, proper books of accounts as required by law have been kept by the Institute so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the sub-centers not visited by us; c) The Balance Sheet and the Statement of Income and Expenditure dealt with by this report are in agreement with the books of accounts; d) In our opinion, the Balance Sheet and the Statement of Income and Expenditure dealt with by this report comply with the Accounting Standards as referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 to the extent applicable; e) On the basis of the written representations received from the Members of the Governing Council (Directors) as on 31st March, 2014 and taken on record by the Governing Council, we report that none of the directors of the Institute is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act,1956;

	For Mukund M. Chitale & Co.
	Chartered Accountants
	Firm Registration No. 106655W
	(S.M. Chitale)
Place : Mumbai	Partner
Date : July 28, 2014	M. No. 111383