AUDITOR'S
REPORT ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 2003.
The Shareholders,
Bhutan National Bank,
Thimphu,
Bhutan
We have audited the attached Balance Sheet of
Bhutan National Bank as at 31st December, 2003
and Profit & Loss Account and Cash Flow Statement(in
which are incorporated general ledger balances
and transaction not audited by us of the branches
at Samjongkhar, 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 ststements
based on our audit.
We conducted our Audit on accordance with generally
accepted auditing standard. These standards require
that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements
are free of material statements. An Audit includes
examining on a tests basis, evidence supporting
the amounts and disclosures in the financial statements.
An Audit also includes assessing the accounting
princliples used and significant estimates made
by the Management, as well as evaluating the overall
financial statements presentation. We believe
that our audit provides a reasonable basis for
our opinion. Asrequired by section 75 of the Companies
Act of the kingdom of Bhutan 2000 read with section
II of the Schedule XIV thereto(the Minium Audit
examination and Audit Reporting Requirements issued
by the Royal Audit Authority), we einclose in
te Annexure B a statetement on the matters specified
therein to the extent applicable to the Bank.
Further to our comments in the Annexure reffered
to above, we report that:
1. We have obtained all the information and explainantions,
which to the best of our knowledge and believe
were necessary for the purpose of our audit.
2 . In our opinion, proper books of account have
been kept by the Bank so far as it appears from
our examinations of those books.
3. 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.
4 . The Balance Sheet and the Profit & Loss
Account dealt with 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 to the best of
our information and according to the explanations
given to us, the said Balance Sheet and Profit
& Account and the Cash Flow Statement read
together with Significant Accounting Policies
and Notes on Accounts as per Schedules 1 to 11
and subject to our comments in the Annexure-A
& B attached here with gives the information
under the Companies Act of the Kingdom of Bhutan
2000 in the manner so required and exhibit a true
and fair view:
a) In case of the Balance Sheet, of the state
of affairs of the Bank as at 31st December, 2003:
b) In case of the Profit & Loss Account of
the profit of the Bank for the year ended on that
date;
AND
c) In case of Cash Flow Statement, of the cash
flows for the year ended on that date.
Date: 26.03.04 For
T K GHOSE & CO.
Place: Kolkata
CHARTERED
ACCOUNTANTS
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