Section 14(4) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(4)Every auditor of a corresponding new bank shall make a report to the Central Government upon the annual balance-sheet and accounts and in every such report shall state(a)whether, in his opinion, the balance-sheet is a full and fair balance-sheet containing all the necessary particulars and is properly drawn up so as to exhibit a true and fair view of the affairs of the corresponding new bank, and in case he had called for any explanation or information, whether it has been given and whether it is satisfactory ;(b)whether or not the transactions of the corresponding new bank, which have come to his notice, have been within the powers of that bank ;(c)whether or not the returns received from the offices and branches of the corresponding new bank have been found adequate for the purpose of his audit ;(d)whether the profit and loss account shows a true balance of profit or loss for the period covered by such account ; and(e)any other matter which he considers should be brought to the notice of the Central Government.
