:- (1) The balance-sheet and profit and loss account prepared in accordance with section 29 shall be audited—(a)in the case of a banking company incorporated {Subs.by Act 20 of 1950 s.3, for ” in a State “.} [in India], by a person duly qualified under any law for the time being in force to be an auditor of companies;(b)in the case of a banking company incorporated {Subs, ibid-, for ‘ outside the States “.} [outside India], either by such an auditor as aforesaid, or by a person duly qualified to be an auditor under the law of the country in which the company is incorporated.(2)The auditor shall have the powers of, exercise the functions vested in, and discharge the duties and be subiect to the liabilities and penalties imposed on, auditors of companies by section 145 of the Indian Companies Act, 1913.(3)In addition to the matters which under the aforesaid Act the auditor is required to state in his report, he shall, in the case of a banking company incorporated {Subs.by Act 20 of 1950 s.3, for ” in a State “.} [in India], state in his report,—(a)whether or not the information and explanations required by him have been found to be satisfactory;(b)whether or not the transactions of the company which have come to his notice have been within the powers of the company;(c)whether or not the returns received from branch offices of the company have been found adequate for the purposes of his audit;(d)whether the profit and loss account shows a true balance of profit and loss for the period covered by such account;(e)any other matter which he considers should be brought to the notice of the shareholders of the company.
