Independent Auditor’s Report for F.Y.2017-18
The MEMBERS OF
The GANDHI CO-OPERATIVE URBAN BANK LIMITED
Report on Financial Statements
1. We have audited the accompanying Financial Statements of The Gandhi Co-Operative Urban Bank Limited ( No.H.948) which comprise the Balance Sheet as at 31st March 2018, Profit and Loss Account 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 Head Office and Eleven Branches audited by us.
Management’s Responsibility for the Financial Statements:
2. Management of the Bank is responsible for the preparation of these Financial Statements that give true and fair view of the financial position and financial performance of the Bank in accordance with the Banking Regulation Act,1949, complying with Reserve Bank of India Guidelines from time to time. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.
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 auditors’ judgement, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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.
6. In our opinion, and to the best of our information and according to the explanation given to us, the said accounts together with the notes thereon give a true and fair view in conformity with the accounting principles generally accepted in India:
Report on Other Legal and Regulatory Requirements
7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;
8. Subject to the limitations of the audit as indicated in Paragraphs 3 to 5 above, we report that:
9. We further report that:
a. the Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;
b. in our opinion, proper books of account as required by law have been kept by the Bank so far as appears from our examination of those books.
c. the Bank has been awarded “A” class for the year under audit.
For M. N. RAO & ASSOCIATES
Firm Reg. No. 005386S
(T.S.Rama Mohana Rao)
Membership No: 200613
Date : 26-Jun-2018