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To,
The Chairman and Managing Director,
Allahabad Bank
Auditors Responsibility:
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
judgment, 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 entitys preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on effectiveness of the
entitys internal control. 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.
Opinion
6. In our opinion, and to the best of our information and according to the explanation given
to us, read with the Memorandum of Changes (mentioned in para 11 below), the
financial statements give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Branch as at March 31,
2017; and
(b) in the case of Profit and Loss Account, of the Profit / Loss for the year ended on that
date;
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;
10. No adjustments/provisions have been made in the accounts of the Branch in respect of
matters usually dealt with at Head Office, including in respect of:
(a) Bonus, ex-gratia, and other similar expenditure and allowances to branch employees;
(b) Terminal permissible benefits to eligible employees on their retirement (including
additional retirement benefits), Gratuity, Pension, liability for leave encashment
benefits and other benefits covered in terms of AS 15 Employee Benefits issued
by the Institute of Chartered Accountants of India;
(c) Arrears of salary/wages/allowances, if any, payable to staff;
(d) Staff welfare contractual obligations;
(e) Effect of adjustments that might arise upon the reconciliation/matching of outstanding
entries in the inter office accounts impacts of which is presently not quantifiable.
(f) Interest on overdue term deposit,
(g) Depreciation on Premises,
(h) Auditorsfees and expenses;
(i) Taxation (Current Tax and Deferred Tax).
(j) Provision for Standard Assets including Restructured Accounts,
(k) Provision for unsecured portion and diminution in fair value in respect of Restructured
accounts;
b. In respect of expenditure
c. In respect of Assets
d. In respect of Liabilities
Chartered Accountants
(Seal)