Audit Report

AUDITOR’S REPORT

GOA GROUP VOCATIONAL TRAINING CENTRE, CURTI, PONDA – GOA

REPORT OF THE AUDITORS TO THE MEMBERS ON THE ACCOUNT FOR THE YEAR ENDED 31S1 MARCH, 2011.

We have audited the attached Balance Sheet of GOA GROUP VOCATIONAL TRAINING CENTRE, Ponda – Goa (Regd. Serial No. 491 dated lith February, 1975) and also the annexed Income and Expenditure Account of the society .for the year ended on that date, which are in agreement with the books of accounts maintained by the said society except for opening balances as on 1.4.1997 which were taken into consideration based on un-audited Balance Sheet available with the Society. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of the audit except for Audited Financial Statements from 1994-95 to 1996-97. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. 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 disclosure 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.

We found that the then Accountant Mr. Anil Kumar Naik had maintained a set of books of accounts which were found to contain a number entries which did not have any basis or supporting nor could be matched with the Bank Statements. Our investigation of the said books of accounts showed that the funds of the Society to the extent of Rs. 57,83,575.17 (Previous Year Rs. 57,83,575. 17) were misappropriated and the same have been covered in our Investigation Report dated 02.03.2005. The said misappropriated amount has been shown as receivable in the Balance Sheet of the Society. 

Subject to above, in our opinion and to the best of our information and according to the explanations given to us. the said accounts give a true and fair view
i) In the case of the Balance sheet, of the state of affairs of the society as at 31st March 2011 and
ii) In the case of the Income and Expenditure Account. of the surplus for the year ended 31st March, 2011

We further report as under:
a) The said accounts are maintained regularly and in accordance with the provisions of the Societies Registration Act, 1860 (21 of 1860) and the rules framed there under.
b) The receipts and disbursements are properly and correctly shown in the accounts
c) Cash balance as per books of accounts was not available with the Society for physical verification as it has been misappropriated by the Accountant of the Society. The bank balances were verified by us with the balance confirmation Certificate from the bankers;
d) All books. deeds, accounts, vouchers and other documents required by us were produced before us;
e) Inventory of movables certified by the Secretary has been maintained.
f) The Secretary, (except for the then Accountant) or any other person required to
appear before us did so and furnished the necessary information required by us;
g) Property of the Society (Cash Balance of Rs. 57,83,575.17) has been misappropriated by the then Accountant hence to that extent Societies Assets have not been applied for the object or purpose of the Society.
h) Subject to our observation in Note no. 7 forming part of the accounts. All expenditure incurred on behalf of the Society has been placed for sanction from time to time by the governing body, Managing Committee or any other person or persons authorised to do so under the rules and regulation of the Society;
i) Quotations were invited for repairs or construction involving expenditure exceeding Rs.5,000/-;
j) Minutes of the meeting of the General Body, Governing Body and other bodies or committee are maintained regularly and properly;
k) List of Members of the Society is maintained and kept upto date;
l) Any communication to the Society can be made to the Secretary Mr. Baburao Ramchandra Dessai, S-2, Bldg. No. 3- B. Kurtarkar Nagari, Ponda — Goa.
m) Part of the money of the Society has been invested in contravention with the rules of the Society by the then Accountant of the Society before 31.st March,2005.