The Members of United Bank of India
Report on the Financial Statements
1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as at31st March 2017 which comprise the Balance Sheet as at March 31 2017 and Profit andLoss Account and the cash flow statement for the year ended on that date and a summary ofsignificant accounting policies and other explanatory information. Incorporated in thesefinancial statements are the returns of 20 branches and treasury operations audited by usand 768 branches/retail hubs audited by branch auditors. The branches audited by us andthose audited by other auditors have been selected by the Bank in accordance with theguidelines issued to the Bank by the Reserve Bank of India. Also incorporated in theBalance Sheet and the Statement of Profit and Loss Account are the returns from 36Regional Offices 1296 branches 5 Staff Training Colleges 1 Cash Management System and 1Central Pension Processing Centre which have not been subjected to audit. These unauditedbranches account for 9.98% of gross advances 33.87% of deposits 8.19% of interest incomeand 33.42% 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 Reserve Bank of India guidelines from time totime and accounting standards generally accepted in India. This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationof the financial statements that are free from material misstatement whether due to fraudor error.
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 judgement including the assessment of the risks of material misstatement in thefinancial statements whether due to fraud or error. In making those risk assessments theauditor 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 the bank'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.
6. In our opinion as shown by the books of the bank and to the best of our informationand according to the explanation given to us:
(i) The Balance Sheet read with the notes thereon is a full and fair Balance Sheet ofthe Bank containing all the necessary particulars is properly drawn up so as to exhibit atrue and fair view of state of affairs of the Bank as at 31st March 2017 in conformitywith 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 account; and
(iii) The Cash Flow Statement gives a true and fair view of the cash flows for the yearended on that date.
Report on Other Legal and Regulatory Requirements
7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith the provisions of section
29 of the Banking Regulation Act 1949.
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 and subject also to thelimitations 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; and
(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.
8. We further report that:
a) The Balance Sheet and Profit and Loss account dealt with by this report are inagreement with the books of account and returns;
b) The reports on the accounts of the branch offices audited by branch auditors of theBank under section 29 of the Banking Regulation Act1949 have been sent to us and havebeen properly dealt with by us in preparing this report;
c) In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementcomply with the applicable Accounting Standards.
|For M/s. Nundi & Associates ||For M/s. Arun K. Agarwal & Associates ||For M/s. Mookheijee Biswas & Pathak |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|FRN: 309090E ||FRN: 003917N ||FRN : 301138E |
|CA. Soumen Nandi ||CA. Arun Kumar Agarwal ||CA. Sankar Prasanna Mukherjee |
|Partner ||Partner ||Partner |
|Membership No: 059828 ||Membership.No : 082899 ||Membership.No : 010807 |
|Date : 18th May 2017 || || |
|Place : Kolkata || || |