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AUDITORS'
REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31ST DECEMBER, 2001.
The Shareholders,
Bhutan National Bank
Thimphu, Bhutan.
We have audited tIie attached Balance Sheet of 'Bhutan
Nattional Bank' as at 31st December, 2001 and the
relative Profit & Loss Account and Cash flow Statement
(in which are incorporated general ledger balances
and transaction, not audited by us of the branches
at Samdrupjongkhar, 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 account have
been kept by the Bank so far as appears from our
examinations of those books.
4. The Bank has complied with the various provisions
of the Financial Institution Act 1992 and other
applicable laws, rules & regulations, systems, procedures
and practices except otherwise stated else where
in this report.
5. The Balance Sheet and Profit & 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.
6. 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 Accunting
Policies and Notes on Accounts at Schedule 11 and
subject to our comments in the annexure-A & B attached
here with gives 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 31st December, 2001.
b) In case of the Profit & Loss Account of the profit
of the Bank for the year ended on that date.
Date: 27.03.2002 For
N. C. Mitra & Co.
Place: Kolkata Chartered
Accountants
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