Auditor’s Report Format on Quarterly Financial Results (for Banks)

By | December 1, 2015

As per enclosed Circular No CIR/CFD/CMD/15/2015 Dated 30.11.2015 issued by of Securities and Exchange Board of India

When an Unmodified Opinion is Expressed on the Quarterly Financial Results (for Banks)

Auditor’s Report On Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

Board of Directors of ……………………. (Name of the Bank)

We have audited the quarterly financial results of ………………… (Name of the bank) for the quarter ended ………………………. (date of the quarter end) and the year to date results for the period ……………. to …………………, attached herewith, being submitted by the bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These quarterly financial results as well as the year to date financial results have been prepared from interim financial statements, which are the responsibility of the bank’s management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 / Indian Accounting Standard 34 (AS 25/ Ind AS 34 – Interim Financial Reporting) mandated under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder or by the Institute of Chartered Accountants of India (See Note 1 )  and other accounting principles generally accepted in India.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

These financial results incorporate the relevant returns of _______(number) branches audited by us, _________ (number) branches including _______ (number) foreign branches audited by the other auditors specially appointed for this purpose and unaudited returns in respect of _________ (number) branches. In conduct of our audit, we have taken note of the reports in respect of non performing assets received from the concurrent auditors of ________ (number) branches, inspection teams of banks of ________ (number) branches specifically appointed for this purpose. These reports cover ______ percent of advances portfolio of the Bank.

In our opinion and to the best of our information and according to the explanations given to us these quarterly financial results as well as the year to date results:

(i) have been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

(ii) give a true and fair view of the net profit/loss (See Note 2 ) for the quarter ended ………………(date of the quarter end) as well as the year to date results for the period from …………… to …………………

For XYZ & Co.

Chartered Accountants

Signature

(Name of the member signing the audit report)

(Designation)(See Note 3 )

(Membership Number)

Place of signature

Date


1 Where, a listed entity is not a company

2 Whichever is applicable

3 Partner or proprietor, as the case may be


When an Unmodified Opinion is expressed on the Consolidated Quarterly Financial Results (for Banks)

Auditor’s Report on Quarterly Consolidated Financial Results and Consolidated Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

Board of Directors of ……………………. (Name of the company)

We have audited the quarterly consolidated financial results of …………………… (Name of the bank) for the quarter ended ………………………. (date of the quarter end) and the consolidated year to date results for the period ……. to …………………, attached herewith, being submitted by the bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These consolidated quarterly financial results as well as the consolidated year to date financial results have been prepared from the interim consolidated financial statements, which are the responsibility of the bank’s management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of such consolidated interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 / Indian Accounting Standard 34 (AS 25/ Ind AS 34 – Interim Financial Reporting) mandated under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder or by the Institute of Chartered Accountants of India (See Note 1 )and other accounting principles generally accepted in India.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion. These financial results incorporate the relevant returns of _____(number) branches audited by us, ____ (number) branches including _____ (number) foreign branches audited by the other auditors specially appointed for this purpose and unaudited returns in respect of _______ (number) branches. In conduct of our audit, we have taken note of the reports in respect of non performing assets received from the concurrent auditors of _______ (number) branches, inspection teams of banks of ____ (number) branches specifically appointed for this purpose. These reports cover ______ percent of advances portfolio of the Bank.

We did not audit the financial statements of _______ (number) subsidiaries included in the consolidated quarterly financial results and consolidated year to date results, whose consolidated interim financial statements reflect total assets of Rs. …… as at …….(year to date)

and Rs. …….. for the quarter ended ……….(date of quarter end) as well as the total revenue of Rs. ……… as at ……. (year to date) and Rs. …… for the quarter ended ……..(date of the quarter end). These interim financial statements and other financial information have been audited by other auditors whose report(s) has (have) been furnished to us, and our opinion on the quarterly financial results and the year to date results, to the extent they have been derived from such interim financial statements is based solely on the report of such other auditors.

In our opinion and to the best of our information and according to the explanations given to us these consolidated quarterly financial results as well as the consolidated year to date results:

(i) Include the quarterly financial results and year to date of the following entities included in the consolidation (list the entities):

(ii) have been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

(iii) give a true and fair view of the consolidated net profit/loss(See Note 2 ) and other financial information for the quarter ended …………(date of the quarter end) as well as the consolidated year to date results for the period from …………… to ………………….

For XYZ & Co.

Chartered Accountants

Signature

(Name of the member signing the audit report)

(Designation)(See Note 3 )

(Membership Number)

Place of signature

Date


1Where, a listed entity is not a company.

2Whichever is applicable

3Partner or proprietor, as the case may be.

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