1

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, and
library.
We do not have any opportunity to use primary data source. For the same reason, we are
unable 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 audit
conclusion and reporting.


2

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

3

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 14
th
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 Taka
3.4 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.

4

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 commercial
enterprises 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.






5

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 consider
whether 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

6

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.
[Paragraph 7 of BSA 700]
(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]


7

(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.
[Paragraph 10 of BSA 700]

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.
[Paragraph 13 of BSA 700]

(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;

8

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 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 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]


9

(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 material
respects) 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.
[Paragraph 23 of BSA 700]
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]


10

(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 auditors
report 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]



11

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 Opinion
i. Emphasis of matter
Matters that DO Affect the Auditors Opinion
i. Qualified opinion,
ii. Disclaimer of opinion, or
iii. 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.
[Paragraph 29 of BSA 700]

Matters That Do Not Affect the Auditors Opinion
In 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

12

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; or
b. 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 concludes
that 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 possible
effect 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 a
disagreement 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]





13

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 had
the 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)


14

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 the
responsibility of the
entitys management and
the responsibility of the
auditor
The preparation of these financial statements is the responsibility
of 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 the
work the auditor
performed
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.
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 liabilities
for its employees gratuity scheme as is required

15

tk.393092524 under Bangladesh Accounting Standards
19 employee Benefits.
ii. The difference of tk.1189404928 has been included under
other assets headed City General Adjustment Account in
the Bangladesh Accounting Standard.
iii. The Bank has not provided for deferred tax liability in
accordance 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 1987
and the other applicable rules and regulations.


Subject to the above, we also report that:
i. We have obtained all the information and
explanations 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 by
law 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 the
company dealt with the report are in agreement with
the books of account and returns;
iv. The expenditure was incurred for the purpose of the
business 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 in
conformity with the Bang Company Act, 1991 and in
accordance with the accounting rules and regulations
issued by the Bangladesh Bank;

16

vii. The financial statements conform to the prescribed
standards 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 at
December 31, 2006, such provision has been found to
be adequate;
ix. The records and statements submitted by the branches
have been properly maintained and consolidated in
the Financial Statements; and

x. The information and Explanations required by us
have 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 loss
account, 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.

17

(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 prepare
the 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 the
best 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 have
been kept by the Bank so far as it appeared 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;
iii. the Banks balance sheet and profit and loss account dealt with by
the report are in agreement with the books of account and returns.
iv. the expenditure incurred was for the purposes of the Banks
business;
v. 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, 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 the
Bank 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, in
our opinion, doubtful of recovery;
viii. the financial statements conform to the prescribed standards set in

18

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 have
been properly maintained and consolidated in the financial
statements; and
x. the information and explanations required by us have been
received 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 Liquidity
Analysis 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 or
relevant national standards or
practices
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 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 on
the 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

19

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 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) 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 by
the Bangladesh Bank and other applicable laws and regulations.

We also report that-
i. we have obtained all 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 and
found them satisfactory;
ii. In our opinion, proper books of account as required by law
were 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 branches
not visited by us;
iii. The records and statements submitted by the branches have
been properly maintained and consolidated in the Financial
Statements;
iv. The Balance Sheet, Profit and Loss Account dealt with by
this report are in agreement with the books of account and
returns;
v. The Financial Statements have been drawn up in conformity
with 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, 2010
and the profit for the year then ended have been properly
reflected in the financial statements, and the Financial
Statements have been prepared in accordance with Generally
Accepted Accounting Principles (GAAP) as applicable in
Bangladesh;
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 the
purposes of the business of the Bank;
ix. Cash Reserve Requirement(CRR) and Statutory Liquidity
Reserve(SLR) with Bangladesh Bank have been maintained

20

as per rule;
x. As far as it was revealed from our test checks , the existing
rules and regulation for loan sanctioning and disbursements
have been followed properly;
xi. It appeared from our test checks that the internal control
system 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 required
to be brought to the notice of the shareholders of the Bank;
xiv. 80% of the Risk Weighted Assets have been reviewed
spending over 4,024 man-hours.

(f) Date of the report February 20, 2011

(g) Auditors address Basu Banerjee Nath & co.
Chartered Accountants
Place: 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


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 free
from 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 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 back so far as it appeared 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;
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

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 the
accounting rules and regulations issued by the Bangladesh Bank
and the financial statements conform to the prescribed standards
set in the accounting regulations issued by Bangladesh Bank after
consultation with the professional accounting bodies of
Bangladesh as per BRPD circular 15 dated 09 November 2009;
f) The financial position of the Bank as of Dcember 31, 2010 and
the profit for the year then ended have been properly reflected in
the 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 been
received and found satisfactory;
j) Guideline of Core Risk Management issued by Bangladesh Bank
vide BROD Circular # 17 dated 7-10-2003 are in the process of
implementation. Full compliance of the above guideline is yet to
be made;
k) 80% of the riskweighted assets have been reviewed spending
over 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
paragraph

1. 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 the
responsibility 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

23

responsibility of the auditor on these Financial Statements based on our audit.
(d) Scope paragraph (describing
the 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 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.
2. A description of the work the
auditor 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 other
applicable 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 visited
by 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

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 and
regulations 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 and
consolidated 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)








25


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 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. 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 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 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.


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 of
their 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 from
material 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

27

Act 1991, Companies Act 1994, the Securities and Exchanges Rules 1987 and rules and
regulations issued by the Bangladesh Bank and other applicable laws and regulations. They
have also obtained all 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 and
found them satisfactory. In their opinion, proper books of account as required by law were
kept by the Bank so far as it appeared from their examination of those books and proper
returns adequate for the purposes of their audit have been received from branches not visited
by them. Cash Reserve Requirement (CRR) and Statutory Liquidity Reserve (SLR) with
Bangladesh Bank have been maintained as per rule; and the records and statements submitted
by the branches have been properly maintained and consolidated in the Financial Statements.
Finally we can say that auditor provide a qualified report about the Bank.


Standard Bank Limited

They have audited the accompanying consolidated financial statements of Standard Bank Limited
which comprises the balance sheet, profit and loss account, cash flow statements, and statements of
changes in equity and the related notes thereto of the year ended 31 December 2010. Management of
Standard Bank Limited is responsible for the preparation of consolidated financial Statements that
give true and fair view in accordance with Bangladesh Financial Reporting Standards and the
guideline of Bangladesh bank. Auditor responsibility is to express an opinion on these consolidate
financial statements based on their audit. They conducted their audit in accordance with Bangladesh
standards on auditing. An audit involves performing procedures to obtain audit evidence about the
amount and disclosures in the consolidated financial statements. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management. 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). They 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. The financial position of the Bank as of December 31, 2010
and the profit for the year ended have been properly reflected in the financial statements. The balance
sheet, profit and loss account dealt with by the report is in agreement with the books of account and
returns. The expenditures incurred during the year were for the purpose of the business of the Bank.
The financial statements have been drawn up in conformity with the Bank Company Act 1991 and in
accordance with the accounting rules and regulations issued by the Bangladesh Bank and the financial
statements conform to the prescribed standards set in the accounting regulations issued by Bangladesh
Bank after consultation with the professional accounting bodies of Bangladesh as per BRPD circular
15 dated 09 November 2009. The information and explanations required by them have been received
and found satisfactory.
In their 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, 2010 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.

28



One Bank
Auditors 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. 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 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 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








29

Conclusion


In the term paper the rules and regulation of BSA 700 has been focused based on audit
reports. 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.







30

Reference

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