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AUDITORS'
REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31ST DECEMBER, 2002.
The Shareholders,
Bhutan National Bank
Thimphu, Bhutan.
We have audited the attached Balance Sheet of Bhutan
National Bank, Thimphu as at 31st December, 2002
and also the Profit & Loss Account and the Cash
Flow Statement for the year ended on that date (in
which are incorporated general ledger balances and
transactions, nor audited by us of the branches
at Samdrupjhongkar, Trashigang and Gelephu). These
financial statements are the responsibility of the
Management of the Bank. Our responsibility is to
express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally
accepted auditing standards. These standards require
that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements
are free of material misstatements. 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
the Management, as well as evaluating the overall
financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
As required by Section 75 of The Companies Act of
the Kingdom of Bhutan 2000 read with Section II
of Schedule XIV thereto (the Minimum Audit Examination
and Audit Reporting Requirements issued by the Royal
Audit Authority), we enclose in the Annexure 'B'
a statement on the matters specified therein to
the extent applicable to the Bank.
Further to our comments in the Annexure referred
to above, we 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.
2 In our opinion proper books of accounts as required
by law have been kept by the Bank so far as appears
from our examination of those books.
3. The Balance Sheet and Profit & Loss Account dealt
with by this report are in agreement with the books
of account.
4. In our opinion, the aforesaid financial statements
have been compiled on the basis of generally accepted
accounting principles.
5. In our opinion and to the best of our information
and according to the explanations given to us, the
said Balance Sheet and Profit & Loss Account and
the Cash Flow.
Statement read together with Significant Accounting
Policies and Notes on Accounts as per Schedules
1 to ......and subject to our comments in the annexure
'A' and ' B' attached here with, give the information
required under the Companies' Act of the Kingdom
of Bhutan ,2000 in the manner so required and give
a true and fair view:
(a) in the tase of Balance Sheet of the state of
affairs of the Bank as at 31st December, 2002
(b) in the case of Profit & Loss Account of the
Profit earned by the Bank for the year ended on
that date; and (c) in the case of Cash Flow Statement
of the cash flows for the year ended on that date.
Date: 7.05.2003 For
N. C. Mitra & Co.
Place: Kolkata Chartered
Accountants
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