audit term paper.docx

7/27/2019 AUDIT term paper.docx

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Introduction

We have completed our term paper on audit reports of banking industry. We have chosen five leading

banks in Bangladesh; those are Mercantile Bank Limited, One Bank Limited, BRAC Bank Limited,

The City Bank Limited, and Standard Bank Limited. As students of the business studies, we have

tried to present here the Auditors Report on financial statements according to ISA 700 and the Basic

elements of the Auditors Report. By going through this report, anyone can easily understand how

auditors make and represent audit report, the procedure and style of audit reporting, the reporting

mechanism of banking industry.

Objective of the study

To learn about Auditors Report on financial statements according to ISA 700.

To know about the Basic elements of the Auditors Report To know how auditors make and represent audit report. To know about the procedure and style of audit reporting. To learn about the reporting mechanism of banking industry.

Methodology

We use secondary data source to collect information through annual report, Internet, andlibrary.

We do not have any opportunity to use primary data source. For the same reason, we areunable to do sampling or any kind of survey.

Limitation

Due to the shortage of time, we are not able to cover all possible areas regarding auditconclusion and reporting.


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Organization Overview

Mercantile Bank Limited emerged as a new commercial bank to provide efficient banking services

and to contribute socio-economic development of the country. The Bank commenced its operation on

June 2, 1999.

The Bank provides a broad range of financial services to its customers and corporate clients. The

Board of Directors consists of eminent personalities from the realm of commerce and industries of the

country. There vision is they would make finest corporate citizen. As their mission, they will become

most caring, focused for equitable growth based on diversified deployment of resources, and

nevertheless would remain healthy and gainfully profitable Bank.

Objectives are to achieve positive Economic Value Added (EVA) each year, to be market leader in

product innovation, to be one of the top three Financial Institutions in Bangladesh in terms of cost

efficiency, to be one of the top five Financial Institutions in Bangladesh in terms of market share in all

significant market segments we serve, to achieve 20% return on shareholders' equity or more, on

average.

Standard Bank Limited (SBL) was incorporated as a Public Limited Company on May 11, 1999 under

the Companies Act, 1994 and the Bank achieved satisfactory progress from its commercial operations

on June 03, 1999. SBL has introduced several new products on credit and deposit schemes. It also

goes for Corporate and Retail Banking etc. The Bank also participated in fund Syndication with other

Banks. Through all these myriad activities SBL has created a positive impact in the Market.

Their Vision is to be a modern Bank having the object of building a sound national economy and to

contribute significantly to the Public Exchequer, and they have mission to be the best private

commercial bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound

management and profitability.

Objectives are to be a dynamic leader in the financial market in innovating new products as to the

needs of the society, to earn positive economic value addition (EVA) each year to come, to top the list

in respect of cost efficiency of all the commercial Banks, to become one of the best financial


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institutions in Bangladesh economy participating in the most significant segments of business market

that we serve.

The City Bank Limited was incorporated as Public Limited Company on the 14th

day of March, 1983

under The Companies Act, 1913 (as adopted in Companies Act, 1994) and its shares are listed in the

Dhaka Stock Exchange and Chittagong Stock Exchange. The main object is to be leading bank in the

country with best practice and highest social commitment. It has 78 branches, 8289 number of

shareholders, the authorised capital tk.1750000000, the paid-up capital tk.1080000000 and the total

asset amount tk.47445751884 during the year ended December 31,2006.

City Bank is one of the oldest private Commercial Banks operating in Bangladesh. It is a top bank

among the oldest five Commercial Banks in the country which started their operations in 1983. The

Bank started its journey on 27th March 1983 through opening its first branch at B. B. Avenue Branch

in the capital, Dhaka city. It was the visionary entrepreneurship of around 13 local businessmen who

braved the immense uncertainties and risks with courage and zeal that made the establishment &

forward march of the bank possible. Those sponsor directors commenced the journey with only Taka3.4 crore worth of Capital, which now is a respectable Taka 330.77 crore as capital & reserve.

ONE Bank Limited was incorporated in May, 1999 With the Registrar of Joint Stock Companies

under the Companies Act. 1994, as a commercial bank in the private sector.

The Bank is pledge-bound to serve the customers and the community with utmost dedication. The

prime focus is on efficiency, transparency, precision and motivation with the spirit and conviction to

excel as ONE Bank in both value and image.

Their vision Statement to establish ONE Bank Limited as a Role Model in the Banking Sector of

Bangladesh and to meet the needs of their customers, provide fulfillment for their people and create

shareholder value.


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Their mission statement are to constantly seek to better serve their customers, to be pro-active in

fulfilling their Social Responsibilities, to review all business lines regularly and develop the best

practices in the industry.

BRAC, based in Bangladesh, is (as of May 2010) the world's largest non-governmental

development organization. Established by Sir Fazle Hasan Abed in 1972 soon after the

independence of Bangladesh, BRAC is present in all 64 districts of Bangladesh, with over 7

million microfinance group members, 37,500 non-formal primary schools and more than

70,000 health volunteers. BRAC is the largest NGO by number of staff employing over

120,000 people, the majority of whom are women. BRAC operates programs such as those in

microfinance and education in nine countries across Asia and Africa, reaching more than 110

million people. The organization is 80% self-funded through a number of commercialenterprises that include a dairy and food project and a chain of retail handicraft stores called

Aarong. BRAC maintains offices in 14 countries throughout the world, including BRAC

USA and BRAC UK. BRAC is a few years into their initiative to operate in ten African

countries in the next ten years.

BRAC has organized the isolated poor and learned to understand their needs by finding

practical ways to increase their access to resources support their entrepreneurship and

empower them to become agents of change. Women and girls have been the focus of

BRACs anti-poverty approach; BRAC recognizes both their vulnerabilities and thirst for

change.
http://en.wikipedia.org/wiki/Bangladeshhttp://en.wikipedia.org/wiki/Non-governmental_organizationhttp://en.wikipedia.org/wiki/Non-governmental_organizationhttp://en.wikipedia.org/wiki/Fazle_Hasan_Abedhttp://en.wikipedia.org/wiki/Independence_of_Bangladeshhttp://en.wikipedia.org/wiki/Districts_of_Bangladeshhttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Aaronghttp://en.wikipedia.org/wiki/Aaronghttp://en.wikipedia.org/wiki/Aaronghttp://en.wikipedia.org/wiki/BRAC_USAhttp://en.wikipedia.org/wiki/BRAC_USAhttp://en.wikipedia.org/wiki/BRAC_USAhttp://en.wikipedia.org/wiki/BRAC_USAhttp://en.wikipedia.org/wiki/Aaronghttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Districts_of_Bangladeshhttp://en.wikipedia.org/wiki/Independence_of_Bangladeshhttp://en.wikipedia.org/wiki/Fazle_Hasan_Abedhttp://en.wikipedia.org/wiki/Non-governmental_organizationhttp://en.wikipedia.org/wiki/Non-governmental_organizationhttp://en.wikipedia.org/wiki/Bangladesh


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BSA 700: The Auditors Report on Financial Statement (ISA 700)

The purpose of this Bangladesh Standard on Auditing (BSA) is to establish standards and provide

guidance on the form and content of the auditors report issued as a result of an audit performed by an

independent auditors of the financial statements of an entity. Much of the guidance provided can be

adapted to auditors reports on financial information other than financial statements.[paragraph 1 of

BSA 700]

The auditor should review and assess the conclusions drawn from the audit evidence obtained as the

basis for the expression of an opinion on the financial statements.[paragraph 2 of BSA 700] .

This review and assessment involves considering whether the financial statements have been prepared

in accordance with an acceptable financial reporting framework I being either Bangladesh Accounting

Standards (BASs) or relevant national standards or practices. It may also be necessary to considerwhether the financial statements comply with statutory requirements.[paragraph 3 of BSA 700]. The

auditors report should contain a clear written expression of opinion on the financial statements taken

as a whole.[paragraph 4 of BSA 700]

BSA 700 has the following major parts regarding audit reports:

Basic Elements of the Auditors Report [paragraph 5-26] The Auditors Report [paragraph 27-28] Modified Reports [paragraph 29-40] Circumstances that may Result in other than an Unqualified Opinion [paragraph 41-46]

Basic Elements of the Auditors Report:The auditors report includes the following basic

elements, ordinarily in the following layout:

(a)Title

(b)Addressee

(c)Opening or introductory paragraph:

i. Identification of the financial statements audited;

ii. A statement of the responsibility of the entitys management and the responsibility of the

auditor;

(d) Scope paragraph (describing the nature of an audit):

(i) A reference to the BSAs or relevant national standards or practices;

(ii) A description of the work the auditor performed

(e) Opinion paragraph: there should be an opinion paragraph containing


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i. Reference to the financial reporting framework used to prepare the financial statements

(including identifying the country of origin of the financial reporting framework when the

framework used is not Bangladesh Accounting Standards); and

ii. An expression of opinion on the financial statements;

(f) Date of the report;

(g) Auditors address;

(h) Auditors signature.

A measure of uniformly in the form and content of the auditors report is desirable because it helps to

promote the readers understanding and to identify unusual circumstances when they occur.

[Paragraph 5 of BSA 700]

(a)Title: The auditors report should have an appropriate title. It may be appropriate to use the term.

Independent Auditor in the title to distinguish the auditors report from reports that might be issued

by others, such as by officers of the entity, the board of directors, or from the reports of other auditors

who may not have to abide by the same ethical requirements as the independent auditor. [Paragraph 6

of BSA 700]

(b)Addressee: The auditors report should be appropriately addressed as required by the

circumstances of the engagement and local regulations. The report is ordinarily addressed either to the

shareholders or the board of directors of the entity whose financial statements are being audited.


(c)Opening or introductory paragraph:

The following matters are important in this case:

(i) The auditors report should identify the financial statements of the entity that have been

audited, including the date of and period covered by the financial statements. [Paragraph 8 of

BSA 700]

(ii) The report should include a statement that the financial statements are the responsibility of

the entitys management and a statement that the responsibility of the auditor is to express an

opinion on the financial statements based on the audit. [Paragraph 9 of BSA 700]


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(iii)Financial statements are the representations of management. The preparation of such

statements requires management to make significant accounting estimates and judgments, as

well as to determine the appropriate accounting principles and methods used in preparation of

the financial statements. This determination will be made in the context of the financial

reporting framework that management chooses, or is required to use. In contrast, the auditors

responsibility is to audit these financial statements in order to express an opinion thereon.


An illustration of these matters in an opening (introductory) paragraph is; We have audited the

accompanying balance sheet of the ABC Company as of December31, 20XX, and the related

statements of income and cash flows for the year then ended. These financial statements are the

responsibility of the Companys management. Our responsibility is to express an opinion on these

financial statements based on our audit. [Paragraph 11 of BSA 700]

(d) Scope paragraph:

The following issues are important in this case:

(i) The auditors report should describe the scope of the audit by stating that the audit was

conducted in accordance with BSAs.

Scope refers to the auditors ability to perform audit procedures deemed necessary in the

circumstances. The reader needs this as an assurance that the audit has been carried out in accordance

with established standards or practices. Unless otherwise stated, the auditing standards or practices

followed are presumed to be those of the country indicated by the auditors address. [Paragraph 12 of

BSA 700]

(ii) The report should include a statement that the audit was planned and performed to obtain

reasonable assurance about whether the financial statements are free of material misstatement.


(iii) The auditors report should describe the audit as including:

a. Examining, on a test basis, evidence to support the financial statement amounts and disclosures;


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b. Assessing the accounting principles used in the preparation of the financial statements;

c. Assessing the significant estimates made by management in the preparation of the financial

statements; and

d. Evaluating the overall financial statement presentation. [Paragraph 14 of BSA 700]

(iv)The report should include a statement by the auditor that the audit provides a reasonable

basis for the opinion. [Paragraph 15 of BSA 700]

(v) An illustration of these matters in a scope paragraph is:

We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those

Standards require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material misstatement. 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 management, as well as

evaluating the overall financial statement presentation. We believe that our audit provides a

reasonable basis for our opinion. [Paragraph 16 of BSA 700]

(e)Opinion paragraph:

The following issues are important in this case:

(i) The opinion paragraph of the auditors report should clearly indicate the financialreporting framework used to prepare the financial statements(including identifying

the country of origin of the financial reporting framework when the framework used

is not Bangladesh Accounting Standards) and state the auditors opinion as to

whether the financial statements give a true and fair view (or are presented fairly, in

all material respects) in accordance with that financial reporting framework and,

where appropriate, whether the financial statements comply with statutory

requirements. [Paragraph 17 of BSA 700]

(ii)(ii) The terms used to express the auditors opinion are give a true and fair view or present

fairly, in all material respects and are equivalent. Both terms indicate, amongst other things,

that the auditor considers only those matters that are material to the financial statements.

[Paragraph 18of BSA 700]


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(iii)The financial reporting framework is determined by BASs, with an appropriate

consideration of fairness and with due regard to Bangladesh legislation (Companies Act,

Securities & Exchange Rule, Bank companies Act etc.) To advise the reader of the context in

which the auditors opinion is expressed, the auditors opinion indicates the framework upon

which the financial statements are based. The auditor refers to the financial reporting

framework in such terms as: in accordance with Bangladesh Accounting Standards...

This designation will help the user to better understand which financial reporting framework

was used in preparing the financial statements. When reporting on financial statements that

are prepared specifically for use in another country, the auditor considers whether appropriate

disclosure has been made in the financial statements about the financial reporting framework

that has been used. [Paragraph 19 of BSA 700]

(iv) In addition to an opinion on the true and fair view (or fair presentation, in all material

respects), the auditors report may need to include an opinion as to whether the financial

statements comply with other requirements specified by relevant statutes or law. [Paragraph

20 of BSA 700]

An illustration of these matters in an opinion paragraph is:

In our opinion, the financial statements give a true and fair view of (or present fairly, in all materialrespects) the financial position of the Company as of December31, 20X1, and of the results of its

operations and its each flows for the year then ended in accordance with Bangladesh Accounting

Standards (BAS). [Paragraph 21 of BSA 700]

(f)Date of the report: The auditor should date the report as of the completion date of the audit. This

informs the reader that the auditor has considered the effect on the financial statements and on the

report of events and transactions of which the auditor became aware and that occurred up to that date.


Since the auditors responsibility is to report on the financial statements as prepared and presented by

management, the auditor should not date the report earlier than the date on which the financial

statements are signed or approved by management. . [Paragraph 24 of BSA 700]


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(g) Auditors address: The report should name a specific location, which is ordinarily the city where

the auditor maintains the office that has responsibility for the audit. [Paragraph 25 of BSA 700]

(h) Auditors signature: The report should be signed in the name of the audit firm. The auditorsreport is ordinarily signed in the name of the firm because the firm assumes responsibility for the

audit. [Paragraph 26 of BSA 700]

The Auditors Report:The Auditors Report with Unqualified Opinion-

An unqualified opinion should be expressed when the auditor concludes that the financial statements

give a true and fair view ( or are presented fairly, in all material respects) in accordance with the

identified financial reporting framework. An unqualified opinion also includes implicitly that any

changes in according principle or in the method of their application, and the effects thereof, have been

properly determined and disclosed in the financial statements. [Paragraph 27 of BSA 700]

The following is an illustration of the entire auditors report incorporating the basic elements set forth

and illustrated above: This report illustrates the expression of an unqualified opinion. [Paragraph 28 of

BSA 700]


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The Modified Auditors Report:

According to paragraph 29 of BSA 700, an auditors report is considered to be modified in the

following situations:

Matters that DO Not Affect the Auditors Opinioni. Emphasis of matter

Matters that DO Affect the Auditors Opinioni. Qualified opinion,ii. Disclaimer of opinion, oriii. Adverse opinion.

Uniformly in the form and content of each type of modified report will enhance the users

understanding of such reports. Accordingly, BSA 700 includes suggested wording to express an

unqualified opinion as well as examples of modifying phrases for use when issuing modified reports.


Matters That Do Not Affect the Auditors OpinionIn certain circumstances, an auditors report may be modified by adding an emphasis of matter

paragraph to highlight a matter affecting the financial statements which is included in a note to the

financial statements that more extensively discuss the matter. The addition of such an emphasis of

matter paragraph does not affect the auditors opinion. The paragraph would preferably be included

after the opinion paragraph and would ordinarily refer to the fact that the auditors opinion is not

qualified in this respect. [Paragraph 30 of BSA 700]

The auditor should modify the auditors report by adding a paragraph to highlight a material matter

regarding a going concern problem. [Paragraph 31 of BSA 700]

The auditor should consider modifying the auditors report by adding a paragraph if there is a

significant uncertainty (other than a going concern problem), the resolution of which is dependent

upon future events and which may affect the financial statements. An uncertainty is a matter whose

outcome depends on future actions or events not under the direct control of the entity but that may

affect the financial statements. [Paragraph 32 of BSA 700]

The addition of a paragraph emphasizing a going concern problem or significant uncertainty is

ordinarily adequate to meet the auditors reporting responsibilities regarding such matters. However,

in extreme cases, such as situations involving multiples uncertainties that are significant to the


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financial statements, the auditor may consider it appropriate to express a disclaimer of opinion instead

of adding an emphasis of matter paragraph. [Paragraph 34 of BSA 700]

Matters That Do Affect the Auditors Opinion:An auditor may not be able to express an unqualified opinion when either of the following

circumstances exists and, in the auditors judgment, the effect of the matter is or may be matter to the

financial statements:

a. There is a limitation on scope of the auditors work; orb. There is a disagreement with management regarding the acceptability of the accounting

policies selected, the method of their application or the adequacy of the financial statement

disclosures.

The circumstances described in a. could lead to a qualified opinion or a disclaimer of opinion. The

circumstances describes in b. could lead to a qualified opinion or an adverse opinion [paragraph 36 of

BSA 700]

i. Qualified opinion: A qualified opinion should be expressed when the auditor concludesthat an unqualified opinion cannot be expressed but that the effect of any disagreement

with management, or limitation on scope is not so material and pervasive as to require an

adverse opinion or a disclaimer of opinion. A qualified opinion should be expressed as

being except for the effects of the matter to which the qualification relates [ paragraph

37 of BSA 700]

ii. Disclaimer of Opinion: A disclaimer of opinion should be expressed when the possibleeffect of a limitation on scope is so material and pervasive that the auditor has not been

able to obtain sufficient appropriate audit evidence and accordingly is unable to express

an opinion on the financial statements [ paragraph 38 of BSA 700]

iii. adverse opinion: An adverse opinion should be expressed when the effect of adisagreement is so material and pervasive to the financial statements that the auditor

concludes that a qualification of the report is not adequate to disclose the misleading or

incomplete nature of the financial statements [paragraph 39 of BSA 700]


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Circumstances that may result in other than an unqualified opinion

Limited on scope

A limitation on the scope of the auditors work may sometimes be imposed by the entity (for example,

when the terms of the engagement specify that auditor will not carry out an audit procedure that the

auditor believes is necessary). However, when the limitation in the terms of a proposed engagement is

such that the auditor believes the need to express a disclaimer of opinion exists, the auditor would

ordinary not accept such a limited engagement as an audit engagement, unless required by statute.

Also, a statutory auditor would not accept such an audit engagement when the limitation infringes on

the auditors statutory duties.

A scope limitation may be imposed by circumstances ( for example, when the timing of the auditors

appointment is such that the auditors is unable to observe the counting of physical inventories). It may

also arise when, in the opinion of the auditor, the entitys accounting records are inadequate or when

the auditor is unable to carry out an audit procedure believed to be desirable. In these circumstances,

the auditor would attempt to carry out reasonable alternative procedures to obtain sufficient

appropriate audit evidence to support an unqualified opinion.

When there is a limitation on the scope of the auditors work that requires expression of a qualified

opinion or a disclaimer of opinion, the auditors report should describe the limitation and indicates the

possible adjustments to the financial statements that might have been determined to be necessary hadthe limitation not existed.

Disagreement with management

The auditor may disagree with management about matters such as the acceptability of accounting

policies selected, the method of their application, or the adequacy of disclosures in the financial

statement. If such disagreements are material to the financial statement, the auditor should express a

qualified or an adverse opinion. (Paragraph 45of BSA700)


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Basic Elements of the auditors Report

City Bank Limited:

Basic Elements of the

auditors Report

Illustrative auditors Report

a. Title Report of the Independent Auditor to Shareholders

b. Addressee To the shareholders of City Bank Limited

c. Opening or

introductory paragraph

i)Identification of the

financial statements

audited

We have audited the accompanying Balance Sheet of The City

Bank Limited as at December 31, 2006 and the related Profit and

Loss Account, Statement of Cash Flow and Changes in Equity

together with Notes to the financial statement for the year then

ended.

ii) A statement of theresponsibility of the

entitys management and

the responsibility of the

auditor

The preparation of these financial statements is the responsibilityof the Bank Management. Our responsibility is to express an

independent opinion on these financial statements based on our

audit.

d. Scope paragraph(

describing the nature of

an audit)

i) A reference to the

ISAs or relevant national

standards or practices

We concluded our audit in accordance with Bangladesh Standard

on Auditing (BSA).

ii) A description of thework the auditor

performed

Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial

statements are free of material misstatement. 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 management as well as evaluating the overall financial

statement presentation. We believe that our audit provides a

reasonable basis for our opinion.

e. Opinion Paragraph

containing

i) A reference to the

financial reporting

framework used to

prepare the financial

statements; and

The financial statements have been prepared in accordance with

Bangladesh Accounting Standards (BSA) as adopted by the

Institute of Chartered Accountants of Bangladesh (ICAB).

ii) An expression of

opinion on the financial

statements

Without qualifying our opinion we draw attention to Note City

Bank Limited to the financial statement. Our audit revealed that:

i. The bank has provided for tk.36274775 for the liabilitiesfor its employees gratuity scheme as is required


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tk.393092524 under Bangladesh Accounting Standards

19 employee Benefits.

ii. The difference of tk.1189404928 has been included underother assets headed City General Adjustment Account in

the Bangladesh Accounting Standard.

iii. The Bank has not provided for deferred tax liability inaccordance with BAS-12 Income Taxes.iv. The Bank has revalued its land from tk.403452645 to

tk.735937368. The surplus amount has been taken into

Revaluation Reserve.

In our opinion, except for the effect on the financial statement of

the matters referred to in the preceding paragraph give a true and

fair view of the state of the Banks affairs as of December 31,

2005 and of the result of its operations and its cash flows of the

year then ended and comply with the bank companies Act 1991,

the rules and regulations issued by the Bangladesh Bank, the

Companies Act, 1994, the Securities and Exchange Rules 1987and the other applicable rules and regulations.

Subject to the above, we also report that:

i. We have obtained all the information andexplanations which to the best of our knowledge and

belief where necessary for the purpose of our audit

and made due verification thereof;

ii. In our opinion, proper book of account as required bylaw has been kept by the Bank so far as it appeared

from our examination of those books and (where

applicable) proper return adequate for the purpose of

our audit have been received from branches not

visited by us;

iii. The Balance Sheet and Profit & Loss Account of thecompany dealt with the report are in agreement with

the books of account and returns;

iv. The expenditure was incurred for the purpose of thebusiness of the company;

v.

The financial position of the bank as at December 31,2006 and the profit for the year then ended have been

properly reflected in the Financial Statement and the

Financial Statements have been prepared in

accordance with the Generally Accepted Accounting

Principles (GAAP);

vi. The financial statements have been drown up inconformity with the Bang Company Act, 1991 and in

accordance with the accounting rules and regulations

issued by the Bangladesh Bank;


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vii. The financial statements conform to the prescribedstandards set in the accounting regulations issued by

the Bangladesh Bank, its a result of consultation of

the professional accounting body of Bangladesh;

viii. Classification of advances made by the Bank as atDecember 31, 2006, such provision has been found to

be adequate;

ix. The records and statements submitted by the brancheshave been properly maintained and consolidated in

the Financial Statements; and

x. The information and Explanations required by ushave been received and found satisfactory;

f. Date of the report April 15, 2007

g. Auditors address Zoha Zaman Kabir Rashid & Co.Chartered Accountants

h. Auditors signature (Signed)

BRAC Bank Limited:

Basic elements of the

Auditors report

Auditors report

(a) Title Auditors report

(b) Addressee to the shareholders of BRAC Bank Limited

(c) Opening or introductory

paragraph

(i) identification of the

financial statements audited

We have audited the accompanying balance sheet of BRAC Bank Limited

(the Bank) as at 31 December 2007 and the related profit and lossaccount, cash flow statement and statement of changes in equity for the year

then ended, and a summary of significant accounting policies and

explanatory notes thereto.

(ii) A statement of the

responsibility of the entitys

management and the

responsibility of the auditors

The preparation of these financial statements is the responsibility of the

banks management. Our responsibility is to express an opinion on these

financial statements based on our audit.


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(d) Scope paragraph

(i) A reference to the ISAs

or relevant national

standards or practices

We conducted our audit in accordance with Bangladesh Standards of

Auditing (BSA). Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the financial statements are

free of material misstatement. 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 statements presentation. We believe that our audit provides

a reasonable basis for our opinion

(ii) A description of the

work the auditor performed

(e) Opinion paragraph

containing

(i) A reference to the

financial reporting

framework used to preparethe financial statements; and

In our opinion, the financial statements prepared in accordance with

Bangladesh Standards of Auditing (BSA).

(ii) An expression of

opinion on financial

statements

In our opinion, the financial statements prepared in accordance with

Bangladesh Standards of Auditing (BSA) give a true and fair view of the

state of the Banks affairs as at 31 December 2007 and of the results of its

operations and its cash flow for the year then ended and comply with the

Bank Companies Act 1991, the rules and regulations issued by the

Bangladesh Bank, the Companies Act 1994, the Securities and Exchange

Rules 1987 and other applicable laws and regulations.

We also report that

i. we have obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes

of our audit and made due verification thereof;

ii. in our opinion, proper books of account as required by law havebeen kept by the Bank so far as it appeared from our examinationof those books and proper returns adequate for the purposes of our

audit have been received from branches not visited by us;

iii. the Banks balance sheet and profit and loss account dealt with bythe report are in agreement with the books of account and returns.

iv. the expenditure incurred was for the purposes of the Banksbusiness;

v. the financial position of the bank at 31 December 2007 and theprofit for the year then ended have been properly reflected in the

financial statements, and the financial statements have been

prepared in accordance with the generally accepted accounting

principles;

vi. the financial statements have been drawn up in conformity with theBank Companies Act 1991 and in accordance with the accounting

rules and regulations issued by the Banglades Bank;

vii. adequate provisions have been made for advances which are, inour opinion, doubtful of recovery;

viii. the financial statements conform to the prescribed standards set in


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the accounting regulations issued by the Bangladesh Bank after

consultation with the professional accounting bodies of

Bangladesh;

ix. the records and the statements submitted by the branches havebeen properly maintained and consolidated in the financial

statements; and

x. the information and explanations required by us have beenreceived and found satisfactory.

(f) Date of the report Dhaka, 28 January 2008

(g) Auditors address Chartered Accountants

(Full address is not given)

(h) Auditors signature Rahman Rahman Haque

Mercantile Bank Limited:

Basic elements of the

Auditors report

Auditors report

(a) Title Independent auditors report to the shareholders

(b) Addressee to the shareholders of Mercantile Bank Limited

(c) Opening or introductory

paragraph(i) identification of the

financial statements audited

We have audited the accompanying financial statements of Mercantile

Bank Limited (the Bank), which comprise the Balance Sheet as of

December 31, 2010 and the related Profit and Loss Account, Statement of

Cash Flows, Statement of Changes in Equity, Statement of LiquidityAnalysis for the year ended, and a summary of significant accounting

policies and other explanatory notes.

(ii) A statement of the

responsibility of the entitys

management and the

responsibility of the auditors

The preparation of these financial statements is the responsibility of the

banks management. Our responsibility is to express an opinion on these

financial statements based on our audit.

(d) Scope paragraph

(i) A reference to the ISAs orrelevant national standards or

practices

We conducted our audit in accordance with Bangladesh Standards onAuditing, those standards require that we comply with ethical requirements

and plan and perform the audit to obtain reasonable assurance whether the

financial statements are free from material misstatement. An audit involves

performing procedures to obtain audit evidence about the amounts and

disclosures in the financial statements. The procedure selected depends onthe auditors judgment, including the assessment of the risks of material

misstatement of the financial statements, whether due to fraud and error. In

making those risk assessments, the auditor considers internal control

relevant to the entitys preparation and fair presentation of the financial

statements in order to design audit procedures that are appropriate in the

(ii) A description of the work

the auditor performed


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circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entitys internal control. An audit also includes

evaluating the appropriateness of accounting policies used and the

reasonableness of accounting estimates made by management, as well as

evaluating the overall presentation of the financial statements. We believe

that the audit evidence they have obtained is sufficient and appropriate to

provide a basis for their audit opinion.

(e) Opinion paragraph

containing

(i) A reference to thefinancial reporting

framework used to prepare

the financial statements; and

In our opinion, the financial statements have been prepared in accordancewith Bangladesh Accounting Standards (BAS) and Bangladesh Financial

Reporting Standards (BFRS) in the form prescribed by Bangladesh Bank.

(ii) An expression of opinion

on financial statements

In our opinion vide Circular # 14 dated June 25, 2003 give a true and fair

view of the state of the affairs of Bank as of December 31, 2010 and of the

results of its operations and its cash flows for the year then ended and

comply with Banking Companies Act 1991, Companies Act 1994, the

Securities and Exchanges Rules 1987 and rules and regulations issued bythe Bangladesh Bank and other applicable laws and regulations.

We also report that-

i. we have obtained all information and explanations, which tothe best of our knowledge and belief were necessary for the

purpose of our audit and made due verification thereof and

found them satisfactory;

ii. In our opinion, proper books of account as required by lawwere kept by the Bank so far as it appeared from their

examination of those books and proper returns adequate for

the purposes of our audit have been received from branchesnot visited by us;

iii. The records and statements submitted by the branches havebeen properly maintained and consolidated in the Financial

Statements;

iv. The Balance Sheet, Profit and Loss Account dealt with bythis report are in agreement with the books of account andreturns;

v. The Financial Statements have been drawn up in conformitywith Banking Companies Act 1991 and in accordance with

the accounting rules and regulations issued by Bangladesh

Bank and Financial Statements conform to the prescribed

standards set in the accounting bodies of Bangladesh.

vi. The financial position of the Bank as on December 31, 2010and the profit for the year then ended have been properly

reflected in the financial statements, and the FinancialStatements have been prepared in accordance with Generally

Accepted Accounting Principles (GAAP) as applicable inBangladesh;

vii. Adequate provisions have been made for advances,investments and other assets which are, in their opinion,

doubtful of recovery;

viii. The expenditures incurred during the year were for thepurposes of the business of the Bank;

ix. Cash Reserve Requirement(CRR) and Statutory LiquidityReserve(SLR) with Bangladesh Bank have been maintained


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as per rule;

x. As far as it was revealed from our test checks , the existingrules and regulation for loan sanctioning and disbursements

have been followed properly;

xi. It appeared from our test checks that the internal controlsystem was satisfactory and adequate to prevent probable

frauds and forgeries;xii. Adequate capital of the Bank, as required by law, has been

maintained during the year under audit;

xiii. Auditors were not aware of any matters, which are requiredto be brought to the notice of the shareholders of the Bank;

xiv. 80% of the Risk Weighted Assets have been reviewedspending over 4,024 man-hours.

(f) Date of the report February 20, 2011

(g) Auditors address Basu Banerjee Nath & co.

Chartered AccountantsPlace: Dhaka

(h) Auditors signature (signed)

Standard Bank Limited

Basic Elements of the

Auditors Report

Illustrative Auditors Report

a) Title Report of the Independent Auditor to Shareholder

b) Addressee To the shareholders of Standard Bank Limited

c) Opening or introductory

paragraph

1)Identification of the

financial statement audited

We have audited the accompanying consolidated financial statement of

Standard Bank Limited and its subsidiaries as we;; as financial ; statement

of Standard Bank Limited for the year ended 31 December 2010 which

comprises the balance sheet and profit and loss account, cash flow

statement and statement of changes in equity and the related notes

thereto.

2) A statement of the

responsibility of the

entitys management and

the responsibility of the

auditor

These financial statements are the responsibility of the companys

management. Our responsibility is to express an opinion on these

consolidated financial statements based on our audit.

d) Scope paragraph (

describing the nature of an


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21

audit)

1) A reference to the ISAs

or relevant national

standard or practices

2) a description of the

work the auditor

performed

We conducted our audit in accordance with Bangladesh standards on

auditing. Those standards require that we comply with ethical

requirements and plan and perform the audit to obtain the reasonable

assurance about whether the consolidated financial statements are freefrom material misstatement. An audit involves performing procedures to

obtain audit evidence about the amount and disclosures in the

consolidated financial statements. The procedure selected depends on the

auditors judgment including the assessment of the risks of material

misstatement of the consolidated financial statements, whether due to

fraud or error. An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates

made by management, as well as evaluating the overall presentation of

the consolidated financial statements.

e) Opinion paragraph

containing

1) A reference to the

financial reporting

framework used to prepare

the financial statements;

and

The financial statements are prepared by the company in due

conformance with generally accepted accounting principles, procedures

and also the applicable International Accounting Standard (IAS) as

Bangladesh Standards on Auditing (BSAs).

2) An expression of

opinion on the financial

statements

In our opinion. The financial statements referred to above which has been

prepared in accordance with Bangladesh Financial Reporting Standards

give true and fair view of the state of affairs of the bank and its subsidiary

as at 31 December 2010 and of their financial performance and cash flow

for the year then ended and comply with the Companies Act 1994 the

Bank Company Act 1991, the rules and regulation issued by Bangladesh

bank, the Securities And Exchange Rules 1987 and other applicable laws

and regulations.

We Also report that

a) We have obtained all the information and explanations which tothe best of our knowledge and belief were necessary for thepurpose of our audit and made due verification thereof;

b) In our opinion proper books of account as required by law havebeen kept by the back so far as it appeared from our examinationof those books and proper returns adequate for the purposes of

our audit have been received from branches not visited by us;c) The records and statements submitted by the branches have been

properly maintained and consolidated in the financial statements;d) The balance sheet, profit and loss account dealt with by the report


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22

are in agreement with the books of account and returns;e) The financial statements have been drawn up in conformity with

the Bank Company Act 1991 and in accordance with theaccounting rules and regulations issued by the Bangladesh Bank

and the financial statements conform to the prescribed standardsset in the accounting regulations issued by Bangladesh Bank after

consultation with the professional accounting bodies ofBangladesh as per BRPD circular 15 dated 09 November 2009;

f) The financial position of the Bank as of Dcember 31, 2010 andthe profit for the year then ended have been properly reflected inthe financial statements have been prepared in accordance with

the generally accepted accounting principles;g) Adequate provisions have been made for advance which are, in

our opinion, doubtful of recovery;h) The expenditures incurred during the year were for the purpose of

the business of the Bank;

i) The information and explanations required by us have beenreceived and found satisfactory;

j) Guideline of Core Risk Management issued by Bangladesh Bankvide BROD Circular # 17 dated 7-10-2003 are in the process ofimplementation. Full compliance of the above guideline is yet tobe made;

k) 80% of the riskweighted assets have been reviewed spendingover 4,500 man hours.

f) Date of the report March 27, 2011

g) Auditors address Howladar Yunus & Co.

Chartered Accountants

h) Auditors signature (Signed)

ONE BANK

Basic Elements of the Auditors Report

(a)Title Auditors Report(b)Addressee To the Shareholders of ONE Bank Limited.(c)Opening or introductory

paragraph1. Identification of the financial

statements audited

We have audited the accompanying Balance Sheet

of ONE Bank Limited as of 31 December 2007 and

the related Profit and Loss Account, Statement of

Cash Flows, Statement of changes in Equity and

Liquidity Statement together with the Notes- 1 to 48

for the year ended 31 December 2007.

2. A statement of theresponsibility of the entitys

management and the

The preparation of these Financial Statements is the

responsibility of the Bank Management. Our

responsibility is to express an independent opinion


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23

responsibility of the auditor on these Financial Statements based on our audit.

(d)Scope paragraph (describingthe nature of an audit)

1. A reference to the ISAs or relevant

national standards or practices

We concluded our audit in accordance with

Bangladesh Standards on Auditing (BSA). Those

standards require that we plan and perform the auditto obtain reasonable assurance about whether the

Financial Statements are free of material

misstatement. 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 statements presentation. We believe that

our audit provides a reasonable basis for our

opinion.

2. A description of the work theauditor performed

(e) Opinion paragraph containing

1. A reference to the financial

reporting framework used to prepare

the financial statements; and

In our opinion, the Financial Statements have been

prepared in accordance with Bangladesh accounting

Standards (BAS), give a true and Fair view of the

state of the Banks affairs as on 31 December 2007

and of the results of its operations and its cash flows

for the year then ended and comply with the Bank

Company Act 1991, the rules and regulations issued

by the Bangladesh Bank, the Companies Act 1994,

the Securities Exchange Rules 1987 and otherapplicable laws and regulations.

2. An expression of opinion on the

financial statements

We also report that-

a) 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 and made due verification thereof;

b) in our opinion, proper books of account as

required by law have been kept by the Bank so far

as it appeared from our examination of those books

and proper returns adequate for the purpose of our

audit have been received from branches not visitedby us.

c) the banks Balance Sheet and Profit and Loss

Account together with the annexed notes 1 to 48

dealt with by the report are in agreement with the

books of account and returns;

d) the expenditure incurred was for the purpose of

the Banks Business;

e) the Financial Position of the Bank at 31

December 2007 and the Profit for the year then


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24

ended have been properly reflected in the Financial

Statements, the Financial Statements have been

prepared in accordance with the generally accepted

accounting principles;

f) the Financial Statements have been drawn up in

conformity with the accounting rules andregulations issued by the Bangladesh Bank;

g)adequate provisions have been made for advances

and other assets which are, in our opinion, doubtful

of recovery;

h) the Financial statements conform to the

prescribed Standards set in the accounting

regulations issued by the Bangladesh Bank after

consultation with the professional accounting bodies

of Bangladesh;

i) the records and statements submitted by the

branches have been properly maintained andconsolidated in the financial statements on the basis

of statements certified by the Branch Manager and

considered by us as correct.

j) the information and explanations required by us

have been received and found satisfactory;

k) the capital Adequacy Ratio (CAR), as required

by law, has been maintained adequately during the

year;

l) we have reviewed over 80% of the risk weighted

assets of the bank and we have spent 2,225 person

hours for the audit of books of account and

Financial Statements of the Bank.

(f) Date of the report May 6, 2008

(g) Auditors address ATA KHAN & CO.

CHARTERED ACCOUNTANTS

Auditors signature (Signed)


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Summary

City Bank

They have audited the annexed Balance Sheet of The City Bank Limited as at December 31,

2006 and its Profit and Loss Account for the year ended as on that date together with

accompanying Cash Flow statement and Notes thereto. These financial statements are the

responsibility of bank management and our responsibility is to express an independent

opinion on these financial statements based on our audit. They concluded our audit in

accordance with Bangladesh Standard on Auditing (BSA) as adopted by the Institute of

Chartered Accountants of Bangladesh (ICAB). Those standards are required to obtain

reasonable assurance about whether the financial statements are free of all material

misstatement. An audit includes examining, on a test basis, evidence supporting the amounts

and disclosures in the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management as well as evaluating the

overall financial statement presentation. We believe that our audit provides a reasonable basis

for our opinion. Their audit revealed that The bank has provided for tk.36274775 for the

liabilities for its employees gratuity scheme as is required tk.393092524 under Bangladesh

Accounting Standards 19 employee Benefits, The difference of tk.1189404928 has been

included under other assets headed City General Adjustment Account in the Bangladesh

Accounting Standard. The Bank has not provided for deferred tax liability in accordance with

BAS-12 Income Taxes. The Bank has revalued its land from tk.403452645 to tk.735937368.

The surplus amount has been taken into Revaluation Reserve.

In their opinion, except for the effect on the financial statement of the matters referred to inthe preceding paragraph give a true and fair view of the s tate of the Banks affairs as of

December 31, 2005 and of the result of its operations and its cash flows of the year then

ended and comply with the bank companies Act 1991, the rules and regulations issued by the

Bangladesh Bank, the Companies Act, 1994, the Securities and Exchange Rules 1987 and the

other applicable rules and regulations.

BRAC Bank

They have audited the accompanying balance sheet of BRAC Bank Limited as at 31 December 2007,

profit and loss account, cash flow statement, a summary of significant accounting policies, and

explanatory notes thereto. The preparation of these financial statements is the responsibility of the

banks management and expressing opinion on these statements based on their audit is their

responsibility.


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26

They conducted their audit in accordance with Bangladesh Standards of Auditing (BSA) to obtain

reasonable assurance about whether the financial statements are free of material misstatement. They

believe that their audit provides a reasonable basis for their opinion.

In their opinion, the financial statements give a true and fair view of the state of the Banks affairs as

at 31 December 2007 and comply with the Bank Companies Act 1991, the rules and regulations

issued by the Bangladesh Bank, the Companies Act 1994, the Securities and Exchange Rules 1987

and other applicable laws and regulations.

They also report that-

they have obtained all the information and explanations they belief were necessary for the purposes oftheir audit, proper books of account as required by law have been kept by the Bank, the financial

position of the bank at 31 December 2007 and the profit for the year then ended have been properly

reflected in the financial statements, adequate provisions have been made for advances which are,

doubtful of recovery; the financial statements conform to the prescribed standards set in the

accounting regulations issued by the Bangladesh Bank, the statements submitted by the branches have

been properly maintained and consolidated in the financial statements; and, the information and

explanations required by them have been received and found satisfactory.

Mercantile Bank Limited

They have audited the financial statements of Mercantile Bank Limited which comprise the

Balance Sheet as of December 31, 2010 and the related Profit and Loss Account, Statement

of Cash Flows, Statement of Changes in Equity, Statement of Liquidity Analysis for the year

ended, and a summary of significant accounting policies and other explanatory notes. The

preparation of these financial statements is the responsibility of the banks management and

the auditors responsibility is to express an opinion on these financial statements based on our

audit. They conducted their audit in accordance with Bangladesh Standards on Auditing,

those standards require that auditor comply with ethical requirements and plan and perform

the audit to obtain reasonable assurance whether the financial statements are free frommaterial misstatement. The auditing procedure selected depends on the auditors judgment,

including the assessment of the risks of material misstatement of the financial statements,

whether due to fraud and error. They believe that the audit evidence they have obtained is

sufficient and appropriate to provide a basis for their audit opinion. In their opinion, the

financial statements have been prepared in accordance with Bangladesh Accounting

Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) in the form

prescribed by Bangladesh Bank vide Circular # 14 dated June 25, 2003 give a true and fair

view of the state of the affairs of Bank as of December 31, 2010 and of the results of its

operations and its cash flows for the year then ended and comply with Banking Companies


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One BankAuditors have audited the accompanying Balance Sheet of ONE Bank Limited as of 31

December 2007 and the related Profit and Loss Account, Statement of Cash Flows, Statementof changes in Equity and Liquidity Statement together with the Notes- 1 to 48 for the year

ended 31 December 2007. The preparation of these Financial Statements is the responsibility

of the Bank Management and their responsibility is to express an independent opinion on

these Financial Statements based on our audit. Auditors concluded their audit in accordance

with Bangladesh Standards on Auditing (BSA). It also includes assessing the accounting

principles used and significant estimates made by the management, as well as evaluating the

overall financial statements presentation. They believe that their audit provides a reasonable

basis for their opinion. In our opinion, the Financial Statements have been prepared in

accordance with Bangladesh accounting Standards (BAS), give a true and Fair view of thestate of the Banks affairs as on 31 December 2007 and of the results of its operations and its

cash flows for the year then ended and comply with the Bank Company Act 1991, the rules

and regulations issued by the Bangladesh Bank, the Companies Act 1994, the Securities

Exchange Rules 1987 and other applicable laws and regulations. They have obtained all the

information and explanations which to the best of their knowledge and belief were necessary

for the purpose of our audit and made due verification thereof. In their opinion, proper books

of account as required by law have been kept by the Bank so far as it appeared from our

examination of those books and proper returns adequate for the purpose of their audit have

been received from branches not visited by them. Besides, the capital Adequacy Ratio

(CAR), as required by law, has been maintained adequately during the year and the financial

statements conform to the prescribed Standards set in the accounting regulations issued by

the Bangladesh Bank after consultation with the professional accounting bodies of

Bangladesh. Finally we can say that auditor provides an unqualified opinion about the bank

in their report


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Conclusion

In the term paper the rules and regulation of BSA 700 has been focused based on auditreports. We have shown the impact and the implementation of these rules in the financial

report of five banking companies.

The auditors report should contain a clear written expression of opinion on the financial

statements taken as a whole. BSA 700 has the major parts regarding audit reports, basic

elements of the auditors report, the auditors report, modified reports , circumstances that

may Result in other than an unqualified opinion. In this report mainly the basic elements of

the financial reports have been discussed. All eight elements are present in the auditors

report of all the banking companies. So it means that they follow the rules of BSA 700 very

strictly.. In this report, it has been found that only in case on the auditors report of the city

bank and the standard bank, the opinion of the auditor was qualified. All others report given

by the auditors was unqualified. In the report all the elements of the report have been

identified. The summary of the reports have also been given.


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107l662758l0l666216l17l11l0l0l0l0l2333l5763l0.1.0.1.7-1.1.1l5l0

http://www.bracbank.com/company_profile.php http://www.standardbankbd.com/index.php/about/mission http://www.mblbd.com/about_mbl/vision.php https://www.thecitybank.com.bd/home.php http://www.onebankbd.com/ https://www.thecitybank.com.bd/annual_reports.php http://www.onebankbd.com/about-obl.php https://www.thecitybank.com.bd/management.php http://www.bracbank.com/
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