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Bank of Baroda Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 24696.93 Cr. P/BV 0.48 Book Value (Rs.) 110.97
52 Week High/Low (Rs.) 131/36 FV/ML 2/1 P/E(X) 26.62
Bookclosure 27/06/2019 EPS (Rs.) 2.01 Div Yield (%) 0.00
Year End :2019-03 

Independent Auditors Report on the Standalone Financial Statements of Bank of Baroda


1. We have audited the standalone financial statements of Bank of Baroda (“the Bank”) which comprises the Balance Sheet as at March 31, 2019, the standalone Profit and Loss Account and the standalone Cash Flow Statement for the year then ended including summary of significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give:

a. true and fair view in case of the Balance sheet, of the state of affairs of the Bank as at 31st March, 2019;

b. true balance of Profit in case of Profit / Loss account for the year ended on that date; and

c. true and fair view in case of statement of cash flows for the year ended on that date.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing (the “SAs”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the standalone financial statements section of our report. We are independent of the Bank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information Technology

Our Audit Approach

(IT) and controls

impacting financial

We have obtained


understanding of the IT related

The IT environment is

environment of the Bank, and

complex and pervasive

had accordingly identified IT

to the operations of the

applications, databases and

Bank with regards to the

operating systems to conduct

financial reporting process

risk assessment which

since the same is highly

may impact on the financial

dependent on information


technology including

Our audit procedures in this

automated and manual controls and availability of complete and accurate electronic data due to the size and complexity of the operations.

Unauthorized or extensive access rights, changes in IT environment, operational controls, lack

area included, among others:

- Testing IT general controls related to User and Application controls, Change Management Controls and Data backup.

- Assessing whether appropriate restrictions were placed on access to core systems through

of segregation of duties which may cause a risk of misstatement of financial information and could have a material consequence on the completeness and accuracy of the financial statements.

Due to high level of automation, number of integrated / non -integrated systems used,

reviewing the permissions and responsibilities of authorised personnel.

- Where we identified the need to perform additional procedures,

we placed reliance on manual compensating controls; such as reconciliations between systems and other information

this is a significant matter for our audit.

sources or performing additional testing; extended our sample sizes, to obtain adequate and appropriate audit evidences.

Accuracy in classification

Our Audit Approach

of Loans and Advances,


had obtained

provision thereon and

understanding from the Bank

recognition of income

about the controls built in the

The net advances of the

system, checks and balances

Bank constitutes of 60.03%

incorporated with respect

of the total assets, which is


adherence to the RBI

the significant part of the

guidelines and related Bank’s

financial statements.

Policies for identification of

Besides following the


- performing assets,

prudential norms on

provisioning and had

Income Recognition,

accordingly planned our audit

Asset Classification and


Provisioning relating to


have audited top 20

Advances issued by the

domestic branches and have

Reserve Bank of India

relied on the work done by

(“RBI”), the Bank also


branch auditor for other

has certain policies for

domestic and foreign branches

provisioning on non -

selected by the Bank.

performing assets.

Due to reliance placed


audit procedures with

on data submitted by

respect to our audit of top 20

the borrowers & lead

domestic branches, focused

bank for Drawing Power

on -

calculations, third party

for security valuation,


Review of design and

computation of provisions

operating effectiveness

as per various guidelines

of key controls around

issued by the RBI,

the process of loan

management judgements

performance monitoring

for impairing advances,

which includes basis

computation of diminution

of assessing drawing

value for restructured

power and security

advances and recognition


of interest income including


For non-performing

in non - performing

advances on sample

advances; we have

basis, we have

considered this to be a key

performed loan file

audit matter.

reviews to inspect financial particulars, existence of security and assessed the

adequacy of the

provisions recognized

in the books of accounts

including valuation of

collateral and the cash


- Verification of interest

income credited on

a monthly basis with

the input data, such

as principal amounts,

contractual interest

rates, currencies

and maturity dates

were tested through

substantive testing

and tracing to source


Besides above, we have also

referred to the reports of the

concurrent auditor and other

audits conducted by the Bank.

In addition to the branches

audited by us, we have carried

out the Assessment of design,

implementation and operating

effectiveness of controls of IT

System used with respect to

the classification of advances,

recognition of income and

provisioning pertaining to non

- performing advances.

Other Matter

5. Incorporated in these standalone financial statements are the returns of 20 branches and 1 Specialized Integrated Treasury Branch audited by us, 3045 branches audited by statutory branch auditors and 34 foreign branches audited, The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 2487 domestic branches and 4 foreign branches which have not been subjected to audit. These unaudited branches account for 7.87 percent of advances, 16.32 percent of deposits, 5.13 percent of interest income and 15.27 percent of interest expenses.

Other Information

6. The Bank’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the financial statements and our auditor’s report thereon. The Annual Report is expected to be made available to us after the date of this auditor’s report.

7. Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

8. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions necessitated by the circumstances and the applicable laws and regulations.

Responsibilities of Management and Those Charged With Governance for the Standalone Financial Statements

9. The bank’s Management, Board of Directors are responsible for the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit and cash flow of the Bank in accordance with the accounting principles generally accepted in India including the Accounting Standards specified by the Institute of Chartered Accountants of India (ICAI) as applicable to banks, provision of Section 29 of the Banking Regulation Act, 1949 and the circulars and guidelines issued by Reserve Bank of India (“RBI”) from time to time.. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

10. In preparing the standalone financial statements, management and Board of Directors are responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the Bank’s financial reporting process. Auditor’s responsibilities for the audit of the Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with the SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

a. Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls.

c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

d. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

e. Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

12. The Balance Sheet and the profit and loss account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 and as per the Accounting Standards issued by ICAI:

13. As required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, we report that;

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

(b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit;

14. We further report that:

(a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us.

(b) The Balance Sheet and Profit and Loss account and Cash flow statements dealt with by this report are in agreement with the books of account and returns;

(c) The reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

(d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For Kalyaniwalla & Mistry

LLP. For Singhi & Co. For G M Kapadia & Co. For S R Dinodia & Co. LLP.

Chartered Accountants Chartered

Accountants Chartered Accountants Chartered Accountants

FRN:104607W /

W100166 FRN : 302049E FRN : 104767W FRN : 001478N /


(Daraius Fraser) (Rajiv Singhi) (Atul Shah) (Sandeep Dinodia)

Partner Partner Partner Partner

M No.042454 M No.053518 M No.039569 M No.083689

Date: 22nd May 2019

Place: Mumbai

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