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
We further report as under: