To the Members of Andhra Bank
Report on the Standalone financial statements
1. We have audited the accompanying standalone financial statements of Andhra Bank(the Bank') as at 31st March 2018 which comprise the Balance Sheet as at 31stMarch 2018 the Profit and Loss Account and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.Incorporated in these standalone financial statements are the returns of 20 branchesaudited by us and 1442 branches audited by Statutory Branch Auditors. the branches auditedby us and those audited by other auditors have been selected by the Bank in accordancewith the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated inthe Balance Sheet and the Profit and Loss are the returns from 1449 branches which havenot been subjected to audit. ese unaudited branches account for 9.48 per cent of advances16.77 per cent of deposits 7.15 per cent of interest income and 15.92 per cent ofinterest expenses.
Management's Responsibility for the Standalone financial statements
2. Management is responsible for the preparation of these standalone financialstatements in accordance with the Banking Regulation Act 1949 Reserve Bank of Indiaguidelines issued from time to time and Accounting Standards generally accepted in India.is responsibility includes the design implementation and maintenance of internal controlsrelevant to the preparation of the Standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. ose standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone financial statements are free from materialmisstatements.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the standalone financial statements. the procedures selected depend onthe auditor's judgement including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal controls relevant to the Bank's preparationand fair presentation of the standalone financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the Bank's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the standalone financial 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 ourinformation and according to the explanations given to us: I. the Balance sheet read withthe significant accounting policies and the notes thereon is a full and fair Balance Sheetcontaining all the necessary particulars is properly drawn up so as to exhibit a true andfair view of the state of affairs of the Bank as at 31st March 2018 inconformity with the accounting principles generally accepted in India; II. the Profit andLoss Account read with the significant accounting policies and the notes thereon shows atrue balance of loss in conformity with the accounting principles generally accepted inIndia for the year covered by the account; and III. the Cash Flow Statement gives a trueand fair view of the cash flows for the year ended 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.
8. 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 subject also 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 beenwithin the powers of the Bank; and c) the returns received from the offices and branchesof the Bank have been found adequate for the purposes of our audit.
9. We further report that: a) the Balance Sheet and Profit & Loss Account dealtwith by this report are in agreement with the books of account and returns; b) the reportson the accounts of the Branch offices audited by the branch auditors of the Bank underSection 29 of the Banking Regulation Act 1949 have been sent to us and have been properlydealt with by us in preparing this report; and c) In our opinion the Balance SheetProfit & Loss Account and Cash Flow Statement comply with the applicable AccountingStandards.
|FOR SAGAR & ASSOCIATES ||FOR AGARWAL & SAXENA ||FOR RAY & CO ||FOR SANTOSH GUPTA & CO |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|FRN:003510S ||FRN:002405C ||FRN:313124E ||FRN:009713N |
|(CA B. SRINIVASA RAO) ||(CA ANIL K. SAXENA) ||(CA SUMIT SIKDAR) ||(CA MANOJ KUMAR) |
|PARTNER (M.NO. 202352) ||PARTNER (M.NO. 071600) ||PARTNER (M.NO. 120622) ||PARTNER (M.NO. 108603) |