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Allahabad Bank.

BSE: 532480 Sector: Financials
NSE: ALBK ISIN Code: INE428A01015
BSE LIVE 15:50 | 02 Dec 67.50 -1.05
(-1.53%)
OPEN

67.00

HIGH

68.75

LOW

67.00

NSE LIVE 15:59 | 02 Dec 67.60 -1.05
(-1.53%)
OPEN

67.10

HIGH

68.75

LOW

67.10

OPEN 67.00
PREVIOUS CLOSE 68.55
VOLUME 299180
52-Week high 88.25
52-Week low 39.50
P/E
Mkt Cap.(Rs cr) 5019.91
Buy Price 0.00
Buy Qty 0.00
Sell Price 67.50
Sell Qty 335.00
OPEN 67.00
CLOSE 68.55
VOLUME 299180
52-Week high 88.25
52-Week low 39.50
P/E
Mkt Cap.(Rs cr) 5019.91
Buy Price 0.00
Buy Qty 0.00
Sell Price 67.50
Sell Qty 335.00

Allahabad Bank. (ALBK) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS REPORT

To The President of India

Report on the financial statements

1. We have audited the accompanying financial statements of ALLAHABAD BANK as at 31stMarch 2014 which comprise the Balance Sheet as at March 31 2014 and Profit and LossAccount and the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information. Incorporated in these financialstatements are the returns of 20 branches including 1 Forex cum Treasury Branch auditedby us and 1231 branches audited by branch auditors and one overseas branch Audited bylocal auditor. The branches audited by us and those audited by other auditors have beenselected by the Bank in accordance with the guidelines issued to the Bank by the ReserveBank of India. Also incorporated in the Balance Sheet and the Statement of Profit and Lossare the returns from 1590 branches which have not been subjected to audit. These unauditedbranches account for 9.07 per cent of advances 29.35 per cent of deposits 5.69 per centof interest income and 24.73 per cent of interest expenses.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with Banking Regulation Act 1949. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation of thefinancial statements that are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors’ judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Bank’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. In our opinion as shown by books of bank and to the best of our information andaccording to the explanations given to us: i. the Balance Sheet read with the notesthereon is a full and fair Balance Sheet containing all the necessary particulars isproperly drawn up so as to exhibit a true and fair view of state of affairs of the Bank asat 31st March 2014 in conformity with accounting principles generally accepted in India;ii. the Profit and Loss Account read with the notes thereon shows a true balance ofprofit in conformity with accounting principles generally accepted in India for the yearcovered by the audit; and iii. The Cash Flow Statement gives a true and fair view of thecash flows for the year ended on that date.

Emphasis of Matter

7. Without qualifying our opinion we draw attention to:

a) Note no 5.13 (a) of Schedule 18 which describes deferment of pension liability andgratuity liability due to increase in ceiling to the extent of Rs149.36 crores pursuant tothe exemption granted by the Reserve Bank of India to the Public Sector Banks fromapplication of provisions of AS-15(Employees benefit) vide its circular noDBOD.BP.BC8021.04.0182010-11 dated February 9 2011on reopening of pension option toemployees of Public Sector Banks.

b) Note no 5.3(a) of schedule 18 to the financial statements which describes theaccounting treatment of the expenditure on creation of Deferred Tax Liability on SpecialReserve under Section 36(1) (viii) of the Income Tax Act 1961 as at March 31 2013pursuant to RBI’s Circular No. DBOD. No. BP. BC.77 21.04.018 2013-14 dated December20 2013. c) Note 5.3(b) of schedule 18 to the financial statements which provide detailswith regard to the accounting treatment on creation of Sundry Liability (InterestCapitalisation) on account of past period FITL as permitted by Reserve Bank of India videtheir letter dated April 11 2014.

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 BankingRegulation Act 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act19701980 and subject also to the limitations of disclosure required therein we reportthat: a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit and have found them tobe satisfactory. b) The transactions of the Bank which have come to our notice have beenwithin the powers of the Bank. c) The returns received from the offices and branches ofthe Bank have been found adequate for the purposes of our audit.

10. In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementcomply with the applicable accounting standards.

For Ms Raghu Nath Rai & Co. For Ms Khandelwal Kakani & Co.
Chartered Accountants Chartered Accountants
(Sharat Prakash) (Santosh Deshmukh)
Partner Partner

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