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AUDITOR'S
REPORT ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 1999.
The Board of Directors,
Bhutan National Bank,
Thimphu, Bhutan
We have audited the attached Balance Sheet of Bhutan
National Bank as at 31 st December, 1999 and the
relative Profit and Loss Account and Cash Flow Statement
(in which are Incorporated general ledger balances
and transactions, not audited by us of the branches
at Samdrup Jongkhar, Trashigang and Gelephu) for
the year ended on that date and report as follows
:-
1. Our examination was made in accordance with the
generally accepted auditing standards and accordingly
included such test of accounting records and other
auditing procedures as we considered appropriate
for the purpose of our audit.
2. 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.
3. In our opinion, proper books of accounts have
been kept by the bank so far as appears from our
examination of those books.
4. The Balance Sheet and Profit and Loss Account
dealt with by this report have been prepared on
the basis of generally accepted accounting principles
and are in agreement with the books of account.
5. In our opinion and to the best of our information
and according to the explanations given to us, the
said accounts read together with Significant Accounting
Policies and Notes on Accounts at Schedule 11 and
subject to charging of depreciation (amount unascertained)
on assets acquired through Capital Grants to revenue
instead of Capital Reserve resulting in understatement
of profit for the year (refer note no. 3 Schedule
no. 11).
Give the information required by the generally accepted
accounting standards and Principles in the manner
so required and exhibit a true and fair view:
a) In case of the Balance Sheet, the state of affairs
of the Bank as at 31 st December, 1999 and
b) In case of the Profit and Loss Account of the
profit of the Bank for the year ended on that date
17th March, 2000 DELOITTE
HASKINS AND SELLS
CHARTERED
ACCOUNTANTS |
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