You are here » Home » Companies » Company Overview » Canara Bank

Canara Bank.

BSE: 532483 Sector: Financials
NSE: CANBK ISIN Code: INE476A01014
BSE LIVE 15:57 | 05 Dec 311.85 2.80
(0.91%)
OPEN

309.90

HIGH

313.20

LOW

307.35

NSE LIVE 15:47 | 05 Dec 311.60 3.10
(1.00%)
OPEN

308.00

HIGH

312.95

LOW

307.15

OPEN 309.90
PREVIOUS CLOSE 309.05
VOLUME 152205
52-Week high 339.20
52-Week low 156.20
P/E
Mkt Cap.(Rs cr) 16933.14
Buy Price 311.85
Buy Qty 173.00
Sell Price 0.00
Sell Qty 0.00
OPEN 309.90
CLOSE 309.05
VOLUME 152205
52-Week high 339.20
52-Week low 156.20
P/E
Mkt Cap.(Rs cr) 16933.14
Buy Price 311.85
Buy Qty 173.00
Sell Price 0.00
Sell Qty 0.00

Canara Bank. (CANBK) - Auditors Report

Company 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 31stMarch 2016 which comprise the Balance Sheet as at 31st March 2016 Profit and LossAccount 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 audited by us 3218 branches audited bystatutory branch auditors and 6 foreign branches audited by local auditors in respectivecountries. 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 Profit and Loss Account arethe returns from 2604 branches (including one overseas branch) which have not beensubjected to audit. These unaudited branches account for 4.65 per cent of advances 13.60per cent of deposits 3.89 per cent of interest income and 11.62 per cent of interestexpenses.

Management’s Responsibility for the Financial Statements

2. The bank’s management is responsible for the preparation of these financialstatements in accordance with the Banking Regulation Act 1949 Reserve Bank of Indiaguidelines from time and time and Accounting Standards generally accepted in India. Thisresponsibility of the Management includes design implementation and maintenance ofinternal control relevant to the preparation of the Financial Statements that are freefrom material misstatement whether due to fraud or error.

Auditors’ 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 theauditor’s 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 oneffectiveness of the 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 the books of the Bank and to the best of ourinformation and according to the explanations given to us:

I. The Balance sheet read with the significant accounting policies and 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 2016 in conformity with accounting principles generally accepted in India;

II. The Profit and Loss Account read with the significant accounting policies and thenotes thereon shows a true balance of loss in conformity with accounting principlesgenerally 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 yearended 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 accountingpolicy w.r.t. change in the method of charging depreciation change in the useful of lifeof 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 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) 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 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 been within thepowers of the Bank;

c) The returns received from the offices and branches of the Bank have been foundadequate 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 inagreement with the books of account and returns; b) The report on the accounts of theBranch/Offices audited by the branch auditors of the Bank under Section 29 of the BankingRegulation Act 1949 have been sent to us and have been properly dealt with by us inpreparing this report;

c) In our opinion the Balance Sheet Profit & Loss Account and Cash Flow Statementcomply with the applicable Accounting Standards.

For S C Vasudeva & Co. For Vinay Kumar & Co. For Ram Raj & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
FRN:000235N FRN:000719C FRN:002839S
Sanjay Vasudeva Vinay Kumar Agrawal P Karunakara Naidu
Partner Partner Partner
Membership No. Membership No. Membership No.
090989 013795 210603
For V K Niranjan & Co. For J L Sengupta & Co. For J Singh & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN:002468S FRN:307092E FRN:110266W
Niranjan V K P Parthasarathy J Singh
Partner Partner Partner
Membership No. Membership No. Membership No.
021432 019410 042023
Place: Bangalore
Dated: May 27 2016

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard