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Updated:23 Oct, 2020, 15:59 PM IST

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1.30 1.47%

Updated:23 Oct, 2020, 16:01 PM IST

INDEPENDENT AUDITORS? REPORT

TO, THE PRESIDENT OF INDIA

Report on the Financial Statements

1. We have audited the accompanying financial statements of Canara Bank as on 31st March, 2016, which comprise the Balance Sheet as at 31st March, 2016, Profit and Loss Account, 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 20 branches audited by us, 3218 branches audited by statutory branch auditors and 6 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 Balance Sheet and the Profit and Loss Account are the returns from 2604 branches (including one overseas branch) which have not been subjected to audit. These unaudited branches account for 4.65 per cent of advances, 13.60 per cent of deposits, 3.89 per cent of interest income and 11.62 per cent of interest expenses. Management?s Responsibility for the Financial Statements

2. The bank?s management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act 1949, Reserve Bank of India guidelines from time and 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 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 auditor?s 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 Bank?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 effectiveness of the entity?s 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.

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 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, 2016 in conformity with accounting principles generally accepted in India;

II. The 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 Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

7. We draw attention to the Schedule 18: ?Notes to Accounts? regarding:

I. Note No.5.1.2 to the financial statement regarding the change in the accounting policy w.r.t. change in the method of charging depreciation, change in the useful of life of certain fixed assets and the consequential effect on financial statements.

Our opinion is not qualified in respect of the above stated matters.

Report on Other Legal and Regulatory Requirements

8. 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.

9. 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;

10. We further report that:

a) The Balance Sheet and 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 Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards

For S C Vasudeva & Co.

Chartered Accountants

FRN:000235N  

Sanjay Vasudeva

Partner  Membership No. 090989

For Vinay Kumar & Co.

Chartered Accountants

FRN:000719C  

Vinay Kumar Agrawal

Partner Membership No. 013795

For Ram Raj & Co.

Chartered Accountants

FRN:002839S

P Karunakara Naidu

Partner Membership No. 210603

For V K Niranjan & Co.

Chartered Accountants

FRN:002468S  

Niranjan V K

Partner Membership No. 021432

For J L Sengupta & Co.

Chartered Accountants

FRN:307092E  

P Parthasarathy

Partner  Membership No. 019410

For J Singh & Associates

Chartered Accountants

FRN:110266W

J Singh

Partner Membership No. 042023

Place: Bangalore

Dated: May 27, 2016  

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