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INTRODUCTION

To make this report we have chosen five companies. Some basic information's of those companies are given: NCC Bank limited National Credit and Commerce Bank Ltd. bears a unique history of its own. The organization started its journey in the financial sector of the country as an investment company back in 1985. The aim of the company was to mobilize resources from within and invest them in such way so as to develop country's Industrial and Trade Sector and playing a catalyst role in the formation of capital market as well. Its membership with the browse helped the company to a great extent in this regard. The company operated up to 1992 with 16 branches and thereafter with the permission of the Central Bank converted in to a fully fledged private commercial Bank in 1993 with paid up capital of Tk. 39.00 corer to serve the nation from a broader platform. Since its inception NCC Bank Ltd. has acquired commendable reputation by providing sincere personalized service to its customers in a technology based environment. The Bank has set up a new standard in financing in the Industrial, Trade and Foreign exchange business. Its various deposit & credit products have also attracted the clients-both corporate and individuals who feel comfort in doing business with the Bank Mission: To mobilize financial resources from within and abroad to contribute to Agriculture's, Industry & Socio-economic development of the country and to play a catalytic role in the formation of capital market. Vision: To become the Bank of choice in serving the Nation as a progressive and Socially Responsible financial institution by bringing credit & commerce together for profit and sustainable growth.

Rupali Bank Limited Rupali Bank Limited has been incorporated on 14 December 1986 under the Companies Act 1913 after taking over and acquiring as a going concern the undertaking and businesses of Rupali Bank with all of its assets, liabilities, benefits, rights, powers, authorities, privileges, borrowings and obligations. Rupali Bank, which initially emerged as a Nationalized Commercial Bank (NCB) under the Bangladesh Banks (Nationalization) Order, 1972 (Presidents Order No. 26 of 1972), has now become a state-owned commercial bank (SCB) through a vendors agreement dated 15 November 2007. Rupali Bank Limited provides banking services. The company offers savings and current account, demand draft, loan, letter of credit, treasury bills, and bonds and securities services. Additionally, it provides telephone, water, and electricity bill collection services.

Pubali Bank Limited The Bank was initially emerged in the Banking scenario of the then East Pakistan as Eastern Mercantile Bank Limited at the initiative of some Bangalee entrepreneurs in the year 1959 under Bank Companies Act 1913 . After independence of Bangladesh in 1972 this Bank was nationalized as per policy of the Government and renamed as Pubali Bank. Subsequently due to changed circumstances this Bank was denationalized in the year 1983 as a private bank and renamed as Pubali Bank Limited. Since then Pubali Bank Limited has been rendering all sorts of Commercial Banking services as the largest bank in private sector through its branch network all over the country. Pubali Bank Limited is the largest Commercial Bank in Private Sector in Bangladesh. It provides mass banking services to the customers through its branch network all over the country. This Bank has been playing a vital role in socio-economic, industrial and agricultural development as well as in the overall economic development of the country since its inception through savings mobilization and investment of funds. During the last 5 years the growth rate of bank's earnings is more than 25% on average.

ONE Bank Limited ONE Bank Limited was incorporated in May, 1999 With the Registrar of Joint Stock Companies under the Companies Act. 1994, as a commercial bank in the private sector

The Bank is pledge-bound to serve the customers and the community with utmost dedication. The prime focus is on efficiency, transparency, precision and motivation with the spirit and conviction to excel as ONE Bank in both value and image.

The name 'ONE Bank' is derived from the insight and long nourished feelings of the promoters to reach out to the people of all walks of life and progress together towards prosperity in a spirit of oneness.

Vision Statement To establish ONE Bank Limited as a Role Model in the Banking Sector of Bangladesh. To meet the needs of our Customers, Provide fulfillment for our People and create Shareholder Value. Mission Statement To constantly seek to better serve our Customers. Be pro-active in fulfilling our Social Responsibilities. To review all business lines regularly and develop the Best Practices in the industry. Working environment to be supportive of Teamwork, enabling the Employees to perform to the very best of their abilities.

Jamuna Bank Limited Jamuna Bank Limited (JBL) is a Banking Company registered under the Companies Act, 1994 with its Head Office at Chini Shilpa Bhaban, 3, Dilkusha C/A, Dhaka-1000. The Bank started its operation from 3rd June 2001. The Bank undertakes all types of banking transactions to support the development of trade and commerce of the country. JBL's services are also available for the entrepreneurs to set up new ventures and BMRE of industrial units. Jamuna Bank Ltd., the only Bengali named new generation private commercial bank was established by a group of winning local entrepreneurs conceiving an idea of creating a model banking institution with different outlook to offer the valued customers, a comprehensive range of financial services and innovative products for sustainable mutual growth and prosperity. The sponsors are reputed personalities in the field of trade, commerce and industries.
The Bank is being managed and operated by a group of highly educated and professional team with diversified experience in finance and banking. The Management of the bank constantly focuses on understanding and anticipating customers' needs. The scenario of banking business is changing day by day, so the bank's responsibility is to device strategy and new products to cope with the changing environment. Jamuna Bank Ltd. has already achieved tremendous progress within only eight years. The bank has already ranked as one of top quality service providers & is known for its reputation.

AUDITOR'S REPORT ON FINANCIAL STATEMENT ACCORDING TO ISA 700 ISA 700 deals with the guidelines on the form and content of the auditor's report issued as a result of an audit performed by an independent auditor of the financial statements of the entity. ISA 700 has the following major parts regarding audit reports: 1. Basic elements of the Auditors' report (it elaborately discussed later) 2. The auditor's report 3. Modified reports 4. Circumstances that may result in other than an unqualified opinion Auditors report should contain a clear expression of opinion .. That opinion may be:  Unqualified;  Other than unqualified  The report may be further modified by an emphasis of matte

UNQUALIFIED OPINION When the financial statements give a true a fair view (or equivalent) in accordance with an identified financial reporting framework an unqualified opinion should be expressed. EMPHASIS OF MATTER The highlight a matter affecting the financial statements which is included in a note to the financial statements that more extensively discusses the matter. Circumstances when used (1) Material matter regarding a going concern problem. (2) Significant uncertainty (about than a going concern problem), the resolution of which is dependent upon future events (not under direct control of entity) and which may affect the financial statements. Reference to a note is critical. If the auditor has to make good a lack of disclosure in the audit report must disagree with inadequate disclosure which is grounds for qualification. (3) To report on matters other than those affecting the financial statements (e.g. concerning a material inconsistency in other information in a document containing audited financial statements) (4) To describe additional statutory reporting responsibilities. OTHER THAN UNQUALIFIED OPINIONS When an opinion is other than unqualified the report should include:  A clear description or the reason; and  ualification of possible effects, when practicable.  For a limitation on scope  The limitation should be described
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 Possible adjustments should be indicated.  A qualified or adverse opinion should be expressed for limitation disagreement with management. The following summaries the standards on forms of opinions and the circumferences in which each is required: Qualified (expressed as except for) a disagreement or limitation on scope is not as material and pervasive as to required an adverse opinion or disclaimer of opinion. Disclaimer the possible effect of a limitation on scope is so material and pervasive that sufficient evidence has not been obtained as a disclaimer of opinion. Adverse the effect of a disagreement is so material and pervasive that a qualification is not adequate to disclose the extent to which the financial statements are misleading or incomplete. There are only two grounds for qualification: Disagreement The auditor may disagree with the management for some matters, like o Inappropriate accounting method o Inadequate disclosure Limitation on scope (i.e. lack of evidence reasonably expected to be available) o Imposed by circumstances (e.g. appointed after physical inventory count or inadequate accounting records) o Imposed by entity (auditor would not normally accept engagement) o Inadequate disclosure (e.g. failure to comply with relevant ISA or legislation) o Inappropriate accounting method

Basic Elements of the Auditors' Report


The purpose of this Bangladesh Standard on Auditing (BSA) is to establish standards and provide guidance on the form and content of the auditors' report issued as a result of an audit performed by an independent auditor's of the financial statements of an entity. Much of the guidance provided can be adapted to auditors' reports on financial information other than financial statements. The auditor should review and assess the conclusions drawn from the audit evidence obtained as the basis for the expression of an opinion on the financial statements. This review and assessment involves considering whether the financial statements have been prepared in accordance with an acceptable financial reporting framework I being either Bangladesh Accounting Standards (BASs) or relevant national standards or practices. It may also be necessary to consider whether the financial statements comply with statutory requirements. The auditors' report should contain a clear written expression of opinion on the financial statements taken as a whole. The auditor's report includes the following basic elements, ordinarily in the following layout: (a) Title: The auditors' report should have an appropriate title. It may be appropriate to use the term Independent Auditor in the title to distinguish the auditor's report from reports that might be issued by others, such as by officers of the entity, the board of directors, or from the reports of other auditors who may not have to abide by the same ethical requirements as the independent auditor. (b) Addressee: The auditors' report should be appropriately addressed as required by the circumstances of the engagement and local regulations. The report is ordinarily addressed either to the shareholders or the board of directors of the entity whose financial statements are being audited. (c) Opening or introductory paragraph: y y Identification of the financial statements audited; A statement of the responsibility of the entity's management and the responsibility of the auditor;
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The following matters are important in this case: (i) The auditor's report should identify the financial statements of the entity that have been audited, including the date of and period covered by the financial statements. (ii) The report should include a statement that the financial statements are the responsibility of the entity's management and a statement that the responsibility of the auditor is to express an opinion on the financial statements based on the audit. (iii) Financial statements are the representations of management. The preparation of such statements requires management to make significant accounting estimates and judgments, as well as to determine the appropriate accounting principles and methods used in preparation of the financial statements. This determination will be made in the context of the financial reporting framework that management chooses, or is required to use. In contrast, the auditors' responsibility is to audit these financial statements in order to express an opinion thereon. An illustration of these matters in an opening (introductory) paragraph is; we have audited the accompanying balance sheet of the ABC Company as of December31, 20XX, and the related statements of income and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit (d) Scope paragraph (describing the nature of an audit): y y A reference to the BSAs or relevant national standards or practices; A description of the work the auditor performed;

The following issues are important in this case: (i) The auditor's report should describe the scope of the audit by stating that the audit was conducted in accordance with BSAs. Scope refers to the auditors' ability to perform audit procedures deemed necessary in the circumstances. The reader needs this as an assurance that the audit has been carried out in accordance with established standards or practices. Unless

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otherwise stated, the auditing standards or practices followed are presumed to be those of the country indicated by the auditor's address. (ii) The report should include a statement that the audit was planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement. (iii) The auditors' report should describe the audit as including: y Examining, on a test basis, evidence to support the financial statement amounts and disclosures; y y Assessing the accounting principles used in the preparation of the financial statements; Assessing the significant estimates made by management in the preparation of the financial statements; and y Evaluating the overall financial statement presentation.

(iv) The report should include a statement by the auditor that the audit provides a reasonable basis for the opinion. (v) An illustration of these matters in a scope paragraph is: We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion (e) Opinion paragraph: there should be an opinion paragraph containing y Reference to the financial reporting framework used to prepare the financial statements (including identifying the country of origin of the financial reporting framework when the framework used is not Bangladesh Accounting Standards); and
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An expression of opinion on the financial statements;

The following issues are important in this case: (i) The opinion paragraph of the auditor's report should clearly indicate the financial reporting framework used to prepare the financial statements(including identifying the country of origin of the financial reporting framework when the framework used is not Bangladesh Accounting Standards) and state the auditors' opinion as to whether the financial statements give a true and fair view (or are presented fairly, in all material respects) in accordance with that financial reporting framework and, where appropriate, whether the financial statements comply with statutory requirements. (ii) The terms used to express the auditor's opinion are give a true and fair view or present fairly, in all material respects and are equivalent. Both terms indicate, amongst other things, that the auditor considers only those matters that are material to the financial statements. (iii)The financial reporting framework is determined by BASs, with an appropriate consideration of fairness and with due regard to Bangladesh legislation (Companies Act, Securities & Exchange Rule, Bank companies Act etc.) To advise the reader of the context in which the auditor's opinion is expressed, the auditors' opinion indicates the framework upon which the financial statements are based. The auditor refers to the financial reporting framework in such terms as: in accordance with Bangladesh Accounting Standards This designation will help the user to better understand which financial reporting framework was used in preparing the financial statements. When reporting on financial statements that are prepared specifically for use in another country, the auditor considers whether appropriate disclosure has been made in the financial statements about the financial reporting framework that has been used. (iv) In addition to an opinion on the true and fair view (or fair presentation, in all material respects), the auditors' report may need to include an opinion as to whether the financial statements comply with other requirements specified by relevant statutes or law. An illustration of these matters in an opinion paragraph is: In our opinion, the financial statements give a true
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and fair view of (or present fairly, in all material respects) the financial position of the Company as of December31, 20XX, and of the results of its operations and its each flows for the year then ended in accordance with Bangladesh Accounting Standards (BAS.) (f) Date of the report: The auditor should date the report as of the completion date of the audit. This informs the reader that the auditor has considered the effect on the financial statements and on the report of events and transactions of which the auditor became aware and that occurred up to that date. Since the auditors' responsibility is to report on the financial statements as prepared and presented by management, the auditor should not date the report earlier than the date on which the financial statements are signed or approved by management. (g) Auditor's address: The report should name a specific location, which is ordinarily the city where the auditor maintains the office that has responsibility for the audit. (h) Auditors' signature: The report should be signed in the name of the audit firm. The auditor's report is ordinarily signed in the name of the firm because the firm assumes responsibility for the audit

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ELEMENTS OF THE CHOOSEN AUDIT REPORTS


National Credit and Commerce Bank Limited Title: Auditors reports to shareholders of National Credit and Commerce Bank Limited Address: Auditors reports to shareholders of National Credit and Commerce Bank Limited. Opening paragraph: We have audited the accompanying financial statements of National Credit and Commerce Bank Limited (the bank) which comprise the balance sheet as at December 31, 2010 and related profit and loss account, cash flow statement, liquidity statement, statement of changes in equity for the year then ended and a summary of significant accounting policies and other explanatory information. i. Managers responsibility for financial statements: management is responsible for the preparation and fair presentation of these financial statements is accordance with Bangladesh Financial reporting Standards (BFRS), Bangladesh Accounting Standards (BAS), the companies Act 1994, bank companies act 1991, the rules and regulation issued by Bangladesh Bank, the securities and Exchange Rules 1987 and other applicable laws and regulations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. ii. Auditor's responsibility: Our responsibility is to express an opinion on these financial statements based on our audit. Scope paragraph: We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical requirements and plan and perform the audit to
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obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depends on the auditors judgments, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud and error. In making those risk assessment, the auditor consider internal control relevant to companies preparation and fair presentation of financial statements in order to design audit procedures that are appropriate in the circumstance, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control. An audit also includes evaluating the overall presentation of the financial statements. We believe that the audit evidence we have collected is sufficient and appropriate to provide a basis for our audit opinion. Opinion paragraph: In our opinion, the financial statements prepared in accordance with the Bangladesh Financial Reporting Standards (BFRS) and Bangladesh Accounting Standards (BSA) give a true and fair view of the financial position of National Credit and Commerce Bank Limited as of December 31, 2010 and the results of its financial performance and its cash flows for the year then ended and comply with the applicable sections of the Bank companies Act 1991, the rules and regulations issued by the Bangladesh Bank, the companies Act 1994, the securities and Exchange rules 1987, and other applicable laws and regulation. We also report that: 1) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and make due verification thereof. 2) In our opinion, proper books of accounts as required by the law have been kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visit by us. 3) The bank's balance sheets, profit and loss account dealt with by the report are in agreement with the books of account and returns.
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4) The expenditure was incurred for the purpose of the banks business. 5) The financial position of the bank as at December 31, 2010 and the profit for the year then ended has been properly reflected in the financial statements. 6) The financial statements have been drawn up in conformity with the Bank Company Act, 1991 and accordance with the accounting rules and regulations issued by the Bangladesh Bank. 7) Adequate provisions have been made for loans and advances, investment and other assets which are in our opinion, doubtful of recovery. 8) The records and statements submitted by the branches have been properly maintained and consolidated in the financial statement on the basis of the statements certified by the branch manager and considered as correct. 9) The information and explanations required by us have been received and found satisfactory 10) We have not less than 80% of risk weighted assets of the bank and have spent 3500 man hours to the audit the books and accounts of the banks.

Date of reports: Dhaka, March 12, 2011 Auditors address: Nil Auditors signature:

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RUPALI BANK LIMITED Title: Auditor Report Address: To the Shareholders of RUPALI BANK LIMITED. Opening Paragraph: i. Identification of the financial statements audited: We have audited the annexed balance sheet of RUPALI BANK LIMITED as at 31st December 2010, and profit and loss account, cash flow statement, statement of changes in equity, liquidity statement for the year ended. ii. A statement of the responsibility of the entitys management and the responsibility of the auditor: Management is responsible for the preparation and fair presentation of these financial statements in accordance of Bangladesh accounting standards (BAS) and Bangladeshi Financial Reporting Standards (BFRS), the Bank Companies Act 1991, the rules and regulation issued by the Bangladesh Bank, the Company Act 1994 and the other applicable laws and regulations. This responsibility are : Designing, Implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement , whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express opinion on these financial statements based on our audit. Scope paragraph (describing the nature of an audit): i. A reference to the ISAs or relevant national standards or practices: We conduct our audit in accordance with Bangladesh Standard on Auditing. Those standards require that we comply with ethical requirement and plan and perform the audit to
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obtain reasonable assurance about whether the financial statements are free from material misstatement. ii. A description of the work the auditor performed: An audit includes performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends on our judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, we consider 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 the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opening paragraph containing: i. A reference to the financial reporting framework used to prepare the financial statements: The financial statements are prepared by the company in due conforming to generally accepted accounting principle, procedures and also the applicable Standards on Auditing (BSAs). ii. An expression of opinion on the financial statements: the financial statements referred above give a true and fair view of the state of affairs of the RUPALI BANK as at 31 December 2010 and comply with the company act 1994, the Bank company act 1991, Rules and Regulations issued by Bangladesh Bank, Securities and Exchange rule 1987 and other applicable laws and regulations. We also report that 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
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2. In our opinion proper books of account as required by law have been kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us; 3. The Banks balance sheet and profit and loss account dealt with by the report are in agreement with the books of accounts and returns; 4. The expenditure incurred was for the purpose of the Banks operation; 5. The financial position of the Bank as at 31 December 2010 and the profit and for the period 01 January 2010 to 31 December 2010 have been properly reflected in the financial statements; 6. The financial statements have been drawn up in conformity with the Bank Company Act, 1991 and in accordance with the accounting rules and regulations issued by Bangladesh Bank; 7. Adequate provision have been made for advances and other assets which are, in our opinion, doubtful of recovery; 8. The records and the statements submitted by the branches have been properly maintained in the financial statements; 9. The financial statements conform to the prescribed standards set in the accounting regulations issued by Bangladesh Bank after consultation with the professional accountant bodies of Bangladesh; 10. The information and explanations required by us have been received and found satisfactory; 11. 80% of the risk weighted assets of the Bank have been audited; 12. Cash Reserve Requirement (CRR) and Statutory Liquidity Reserve (SLR) with Bangladesh Bank have been maintained as per rule; 13. It was revealed from our test checks, the existing rules and regulations for loan sanctioning and disbursements have been maintained as per rule;
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14. Guidelines of core risk management issued by the Bangladesh bank vide BRPD circular #17 dated on 7/10/2003 is being complied with; 15. During the course of our audit done on test-check basis we did not come across any matter which was to be brought to the notice of the shareholders of the bank; and 16. We have spent approximately 5,550 man-hours for the audit of books account of the bank. Date of the report: 20th march, 2011 Auditors address: G.KIBRIA & CO Chartered Accountants Dhaka Auditors signature: singed

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Pubali Bank Limited Title: Independent Correspondent Firm Addressee: To the shareholders of Pubali Bank Limited. Opening paragraph: i) Identification of the financial statements audited:

We have audited the accompanying financial statements of Pubali Bank Limited which compromise the balance sheet as at 31 December 2010, profit and loss account, cash flow statement, statement of changes in equity, liquidity statement for the year then ended and a summary of significant accounting policies and other explanatory information. ii) A statement of the responsibility of the entitys management: Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Bank guidelines and Bangladesh Financial Reporting Standards and for such internal control as management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. iii) The responsibility of the auditor: Our responsibility is to express opinion on these financial statements based on our audit. And make sure that is free from material misstatement. Scope paragraph: An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. That thing does for measuring risks of material misstatement of financial statement, whether due to fraud or error. We consider internal control relevant to the entities preparation and fair presentation of the financial statement in order to
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design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the enmity's internal control. We believe that the audit evidence we have obtained is sufficient and appropriate a basis for our audit opinion. Opinion paragraph: i) A reference to the financial reporting framework used to prepare the financial statements: In our opinion, the financial statements referred to above which have been prepared in the format prescribed by Bangladesh Bank vide Circular no. 14 dated 25 June 2003 and in accordance with Bangladesh Financial Reporting Standards and Bangladesh Accounting Standards. ii) An expression of opinion on the financial statements: In our opinion, the financial statements referred above give a true and fair view of the state of affairs of the Bank as at 31 December 2010 and comply with the company act 1994, the Bank company act 1991, Rules and Regulations issued by Bangladesh Bank, Securities and Exchange rule 1987 and other applicable laws and regulations. We also report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof and found them satisfactory. 2. In our opinion proper books of account as required by law were kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us; 3. The Banks financial position and profit and loss account dealt with by the report are in agreement with the books of accounts and returns; 4. The expenditure incurred were for the purpose of the business of the Bank;

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5. The financial statements have been drawn up in conformity with the Bank Company Act, 1991 and in accordance with the accounting rules and regulations issued by Bangladesh Bank; 6. Adequate provision have been made for advances and other assets which are, in our opinion, doubtful of recovery and also for exposure of off balance sheet items; 7. The records and the statements submitted by the branches have been properly maintained and consolidated in the financial statements; 8. The information and explanations required by us have been received and found satisfactory; 9. Cash Reserve Requirement (CRR) and Statutory Liquidity Reserve (SLR) with Bangladesh Bank have been maintained as per rule; 10. As far as it was revealed from out test checks, the existing rules and regulations for loan sanctioning and disbursements have been followed properly; 11. it appeared from our test checks that the internal control system was satisfactory and adequate to prevent provable frauds and forgeries; 12. Adequate capital of the Bank, as required by law, has been maintained during the period under audit; 13. 80% of the risk weighted assets of the Bank have been audited; and 14. We were not aware of any other matters, which are required to be brought to the notice of the shareholders of the Bank; Date of the report: 3 March, 2011 Auditors address: Not Given Auditors signature: Signed

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ONE Bank Limited Title: Auditors report to the shareholders Addressee: To the shareholders of ONE BANK Ltd. Opening and introductory Paragraph: i) Identification of the financial statements audited: We have audited the accompanying financial statements of ONE Bank Limited (the Bank) which comprise the balance sheet as at 31 December 2010, and the profit and loss account, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies, other explanatory notes and annexure. ii) A statement of the responsibility of the entitys management: Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Accounting Standards (BAS), Bangladesh Financial Reporting Standards (BFRS), the Bank Companies Act 1991, the rules and regulations issued by the Bangladesh Bank, the Companies Act 1994 and other applicable laws and regulations. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. iii) The responsibility of the auditor: Our responsibility is to express an opinion on these financial statements based on our audit.

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Scope paragraph: i) A reference to relevant national standards: We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. ii) A description of the work the auditor performed: An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider 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 the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion paragraph: i) A reference to the financial reporting framework used to prepare the financial statements: In our opinion, the financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the Banks affairs as at 31 December 2010

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ii)An expression of opinion on the financial statements: The results of its operations and its cash flows for the year then ended and comply with the applicable sections of the Bank Companies Act 1991, the rules and regulations issued by the Bangladesh Bank, the Companies Act 1994 and other applicable laws and regulations. We also report that: 1. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; 2. in our opinion, proper books of account as required by law have been kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us; 3. the Banks Balance Sheet and Profit and Loss Account together with the annexed notes 1 to 49 dealt with by the report are in agreement with the books of account and returns; 4. the expenditure incurred was for the purpose of the Banks operations; 5. the financial position of the Bank as at 31 December 2010 and the profit for the year then ended have been properly reflected in the financial statements, the financial statements have been prepared in accordance with the generally accepted accounting principles; 6. the financial statements have been drawn up in conformity with the Bank Companies Act 1991 and in accordance with the accounting rules and regulations issued by the Bangladesh Bank; 7. adequate provisions have been made for advances and other assets which are in our opinion, doubtful of recovery; 8. the financial statements conform to the prescribed standards set in the accounting regulations issued by the Bangladesh Bank after consultation with the professional accounting bodies of Bangladesh;

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9. the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements; 10. the information and explanations required by us have been received and found satisfactory; 11. 80% of the risk weighted assets have been reviewed by us spending 3,150 man hours. Date of the report: February 19, 2011 Auditors address: Hoda Vasi Chowdhury & Co Chartered Accountants Auditors Signature: Signed

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Jamuna Bank Limited Title: Auditors report Addressee: To the shareholders of Jamuna Bank Limited. Opening paragraph: i. Identification of the financial statements audited: We have audited the accompanying financial statements of Jamuna Bank Limited which compromise the balance sheet as at 31 December 2010, profit and loss account, cash flow statement, statement of changes in equity, liquidity statement for the year then ended and a summary of significant accounting policies and other explanatory information. ii) A statement of the responsibility of the entitys management: Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Bank guidelines and Bangladesh Financial Reporting Standards and for such internal control as management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. iii) The responsibility of the auditor: Our responsibility is to express opinion on these financial statements based on our audit. Scope paragraph: i) A reference to relevant national standards:

We conduct our audit in accordance with Bangladesh Standard on Auditing. Those standards require that we comply with ethical requirement and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
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ii)

A description of the work the auditor performed:

An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgments including the assessments of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to entitys preparation 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 the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion paragraph: i) A reference to the financial reporting framework used to prepare the financial statements: In our opinion, the financial statements referred to above which have been prepared in the format prescribed by Bangladesh Bank vide Circular no. 14 dated 25 June 2003 and in accordance with Bangladesh Financial Reporting Standards. ii) An expression of opinion on the financial statements: In our opinion, the financial statements referred above give a true and fair view of the state of affairs of the Bank as at 31 December 2010 and comply with the company act 1994, the Bank company act 1991, Rules and Regulations issued by Bangladesh Bank, Securities and Exchange rule 1987 and other applicable laws and regulations. We also report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;
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2. In our opinion proper books of account as required by law were kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us; 3. The Banks balance sheet and profit and loss account dealt with by the report are in agreement with the books of accounts and returns; 4. The expenditure incurred were for the purpose of the Banks operation; 5. The financial position of the Bank as at 31 December 2010 and the profit and for the period 01 January 2010 to 31 December 2010 have been properly reflected in the financial statements, and the financial statements have been prepared in accordance with the generally accepted accounting principles; 6. The financial statements have been drawn up in conformity with the Bank Company Act, 1991 and in accordance with the accounting rules and regulations issued by Bangladesh Bank; 7. Adequate provision have been made for advances and other assets which are, in our opinion, doubtful of recovery; 8. The records and the statements submitted by trhe branches have been properly maintained in the financial statements; 9. The financial statements conform to the prescribed standards set in the accounting regulations issued by Bangladesh Bank after consultation with the professional accountant bodies of Bangladesh; 10. The information and explanations required by us have been received and found satisfactory; 11. Cash Reserve Requirement (CRR) and Statutory Liquidity Reserve (SLR) with Bangladesh Bank have been maintained as per rule; 12. As per as it was revealed from out test checks, the existing rules and regulations for loan sanctioning and disbursements have been followed properly;
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13. it appeared from our test checks that the internal control system was satisfactory and adequate to prevent provable frauds and forgeries; 14. Guidelines of Core Risk Management issued by Bangladesh Bank vide BRPD Circular # 17 dated 07 October 2003 were complied except ICT which is under process; 15. Adequate capital of the Bank, as required by law, has been maintained during the period under audit; 16. We were not aware of any other matters, which are required to be brought to the notice of the shareholders of the Bank; 17. 80% of the risk weighted assets of the Bank have been audited; 18. We have spent approximately 2,250 man hours for the audit books and accounts of the bank. Date of the report: 20 February, 2011 Auditors address: ACNABIN Chartered Accountants Dhaka Auditors signature:

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SUMMARY OF CHOOSEN AUDIT REPORT


National Credit and Commerce Bank Limited The Auditors Rhaman Mostafa Alom & co. audited the financial statements of National Credit and Commerce Bank Limited as of December 31, 2010 financial statement. Management is responsible for the preparation and fair presentation of financial statements in accordance with the required laws of company Act. The auditors present the report according to the BSA 700. They fulfill all the element of BSA 700 but they can't provide there organization or company address in the audit report. Auditors responsibility is to express opinion on financial statements based on audit. Auditors conduct their audit in accordance with Bangladesh Standard on Auditing. To provide an opinion on financial statement Auditors obtain necessary audit evidence. The audit procedures depend on the auditors judgments including the assessments of the risks. For risk assessments; the auditor considers entitys internal control. Auditors also evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. Auditors believe that the all the information and explanations which to the best of their knowledge and belief were necessary for the purposes of their audit and make due verification thereof. In their opinion, the companies books of accounts are maintained by fulfill all the required law. But they are not visited the companies branches books of accounts they are just comply the branch manager report and considered as correct. The auditors express that the company's expenditure are made for the purpose of the company. The financial statements have been drawn up in conformity with the Bank Company Act, 1991 and accordance with the accounting rules and regulations issued by the Bangladesh Bank. The auditors fell that, the adequate provisions have been made for loans and advances, investment and other assets which are in our opinion, doubtful of recovery. They have not use less than 80% of risk weighted assets of the bank and have spent 3500 man hours to the audit the books and accounts of the banks. So according to the auditors views the NCC banks financial position provide a true and fair views.

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Rupali Bank Limited The Auditors audited the financial statements of Rupali Bank Limited. Managements are responsible for the preparation and fair presentation of financial statements in accordance with the required laws. Auditors responsibility is to express opinion on basis of financial statements based. Auditors conduct their audit in accordance with Bangladesh Standard on Auditing. Auditors obtain necessary audit evidence. The audit procedures depend on the auditors judgments including the audit evidence as well as assessments of the risks. the Auditor consider the internal control, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. Auditors believe that the obtained audit evidences are sufficient and appropriate to provide a basis for audit opinion. In their opinion, the financial statements prepared in the format prescribed by authorized organizations. The financial statements give a true and fair view of the state of affairs of the Bank and comply with the all required laws. They have obtained all the available necessary informations and explanation. Proper books of account as required by law were kept by the all branches. The Banks accounts in the report are in agreement with the books of accounts and returns. The expenditure incurred was for the purpose of the Banks operation. The financial position of the Bank and the profit for the mentioned period has been properly reflected in the financial statements, and the financial statements have been prepared in accordance with the GAAP. The financial statements have been drawn up in conformity with the all rules and regulations required by laws. Adequate provisions have been made for the assets which are, doubtful of recovery. Informations of the branches have been properly maintained in the financial statements. The financial statements conform to the prescribed standards issued by Bangladesh Bank. The information and explanations required by auditors have been received and found satisfactory. CRR and SLR with Bangladesh Bank have been maintained as per rule. The existing rules and regulations for loan sanctioning and disbursements have been followed properly. The internal control system was satisfactory and adequate. Guidelines of Core Risk Management issued by Bangladesh Bank were complied except ICT which is under process. Adequate capital of the Bank, as required by law, has been maintained during the period under audit. There are no matters which are required to be brought to the notice of the shareholders of the Bank. 80% of the risk weighted assets of the Bank have been audited. They have spent approximately 5,550 man hours for the audit.
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Pubali Bank Limited The auditor's report should have an appropriate title. The title of the Pubali Bank Limited assaing "Independent Correspondent Firm" in the title distinguishes the auditor's report from reports that might be issued other. That thing mention in BSA700. According to BSA 700 the auditor report should be appropriately addressed as required by the circumstances of the engagement and local regulation. Pubali Bank Limited addressed the shareholder. Auditors audited the financial statements of Pubali Bank Limited, a summary of significant accounting policies and explanatory information. Management is responsible for the preparation and fair presentation of financial statements, cash flow statement, and profit and loss account in accordance with the required laws. Auditors responsibility is to express opinion on financial statements based on audit. Auditors conduct their audit in accordance with Bangladesh Standard on Auditing. Auditors obtain necessary audit evidence. For risk assessments; the auditor

considers entitys internal control. Auditors also evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. The report should include a statement that the audit was planned and performed to obtain reasonable assurance that the financial statement is free of material misstatement. In Pubali Bank Limited audit report should represent, proper books of account as required by law were kept by the all branches. The Banks accounts in the report are in agreement with the books of accounts and returns. The financial statement should be prepare by maintain accounting principal GAAP. The financial statements conform to the prescribed standards issued by Bangladesh Bank. The information and explanations required by auditors have been received and found satisfactory. The internal control system was satisfactory and adequate. Adequate capital of the Bank, as required by law, has been maintained during the period under audit. There are no matters which are required to be brought to the notice of the shareholders of the Bank. 80% of the risk weighted assets of the Bank have been audited.

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ONE Bank Limited Hoda Vasi Chowdhury & Co is a Chartered Accountants firm which audits they have audited the accompanying financial statements of ONE Bank Limited (the Bank) which comprise the balance sheet as at 31 December 2010, and the profit and loss account, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies, other explanatory notes and annexure. Management is responsible for the preparation and fair presentation of these financial statements. In this audit report fulfill all the basic elements(Title, Addressee, Opening and introductory Paragraph, Scope paragraph, Opinion paragraph, Date of the report, Auditors address, Auditors Signature) of the audit reports according to BSA 700 and the audit evidence is sufficient and appropriate to provide a basis for their opinion. The financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the Banks affairs as at 31 December 2010 and of the results of its operations and its cash flows for the year then ended and comply with the applicable sections of the Bank Companies Act 1991, the rules and regulations issued by the Bangladesh Bank, the Companies Act 1994 and other applicable laws and regulations. Here 80% of the risk weighted assets of the Bank have been audited and they have spent approximately 3150 man hours for the audit.

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Jamuna Bank Limited


Auditors audited the financial statements of Jamuna Bank Limited, a summary of significant accounting policies and explanatory information. Management is responsible for the preparation and fair presentation of financial statements in accordance with the required laws. Auditors responsibility is to express opinion on financial statements based on audit. Auditors conduct their audit in accordance with BSA. Auditors obtain necessary audit evidence. The audit procedures depend on the auditors judgments including the assessments of the risks. For risk assessments; the auditor considers entitys internal control. Auditors also evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. Auditors believe that the obtained audit evidences are sufficient and appropriate to provide a basis for audit opinion. In their opinion, the financial statements prepared in the format prescribed by authorized organizations. The financial statements give a true and fair view of the state of affairs of the Bank and comply with the all required laws. They have obtained all the available necessary informations and explanation. Proper books of account as required by law were kept by the all branches. The Banks accounts in the report are in agreement with the books of accounts and returns. The expenditure incurred was for the purpose of the Banks operation. The financial position of the Bank and the profit for the mentioned period has been properly reflected in the financial statements, and the financial statements have been prepared in accordance with the GAAP. The financial statements have been drawn up in conformity with the all rules and regulations required by laws. Adequate provisions have been made for the assets which are, doubtful of recovery. Informations of the branches have been properly maintained in the financial statements. The financial statements conform to the prescribed standards issued by Bangladesh Bank. The information and explanations required by auditors have been received and found satisfactory. CRR and SLR with Bangladesh Bank have been maintained as per rule. The existing rules and regulations for loan sanctioning and disbursements have been followed properly. The internal control system was satisfactory and adequate. Guidelines of Core Risk Management issued by Bangladesh Bank were complied except ICT which is under process. Adequate capital of the Bank, as required by law, has been maintained during the period under audit. There are no matters which are required to be brought to the notice of the shareholders of the Bank. 80% of the risk weighted assets of the Bank have been audited. They have spent approximately 2,250 man hours for the audit.

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CONCLUSION
All observed reports provide unqualified opinion. All auditors follow ISA 700; BSA 700, GAAP and others required laws. All reports are consisting of all required elements. So that means these five companies financial statements are provided true and fair view.

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