AUDITOR'S
REPORT ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 2004.
The Shareholders,
Bhutan National Bank,
Thimphu,
Bhutan
We have audited the attached Balance Sheet of
Bhutan National Bank as at 31st December, 2004
and Profit & Loss Account and Cash Flow Statement
for the year ended on that date annexed thereto.
These financial statements are the responsibility
of the Management of the Bank. Our respnsibility
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 statements. An audit includes
examining on a test basis, evidence supporting
the amounts and disclosures in the financial 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 the 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 reffered
to the above, we report that:
1 . We have obtained all the information and explanations,
which to the best of our knowledge and believe
were necessary for the purpose of our audit.
2 . In our opinion proper books of accounts have
been kept by the Company 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 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 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, 2004:
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: 10.03.06 For
T K GHOSE & CO.
Place: Kolkata
CHARTERED
ACCOUNTANTS |
