93 1. We ha ve audited t he at tac hed Balance Sheet of Dena Bank as at 31st March, 2008 and the Profit and Loss Account annexed thereto for the year ended on that date, in which are incorporated the returns of 20 branches and 20 Regional Offices audited by us, 740 branches audited by other auditors and 301 branches which were not subject to audit. The Branches audited by us and those audited by other auditors have been selected by the bank in accordance with the guidelines issued by the Reserve Bank of India. The unaudited branches account for 2.45% of advances, 12.51% of deposits, 1.84% of interest income and 11.44% of interest expenses. We have also audited the cash flow statement annexed to the balance sheet for the year ended on that date. These financial statements are the responsibility of the bank’s management. Our responsibility is to express our opinion on these financial statements based on our audit. 2. We conducted our audi t in acc ord ance wit h the au dit ing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material mis-statements. 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 the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. 3. The B alance She et and the Profit and Loss Ac cou nt have been drawn up in Forms “A” and “B” respectively, of the Third Schedule to the Banking Regulation Act, 1949. 4. Sub jec t to the limitat ions of th e aud it ind icated i n paragraphs 1 & 2 above, and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 and subject to the limitation of disclosures required therein, we report that: (i) As r eferre d to in Note No. 18.1 of Sche dul e 18 of Notes to Accounts: - (a) Initial matchi ng of entrie s in I nter- Branc h Acc ounts has been done up to 28 th February, 2008 and the process of reconciliation is in progress, (b) Balan cing of su bsidia ry le dgers /regis ters and reconciliation with general ledgers is in progress at some branches, (c) There are outsta nding entri es in the a ccoun ts of demand drafts payable, drafts paid ex-advice, suspense accounts, dividend/interest warrants, refund orders paid, clearing adjustments, reconciliation between the service branches and participating branches in respect of clearing, balances with Reserve Bank of India and other banks which are in the process of reconciliation/ balancing/adjustments. 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