Download the Annual Report for 2010-11. - kiocl limited

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OFINDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956 ONTHE ACCOUNTS OF M/s KIOCL LIMITED FOR THE YEAR ENDED31st MARCH 2011.The preparation of financial statements of M/s KIOCL LIMITED for the year ended 31st March2011 in accordance with the financial reporting framework prescribed under the Companies Act,1956 is the responsibility of the management of the Company. The statutory auditor appointedby the Comptroller and Auditor General of India under Section 619(2) of the Companies Act,1956 is responsible for expressing opinion on these financial statements under section 227 of theCompanies Act, 1956 based on independent audit in accordance with the auditing and assurancestandards prescribed by their professional body the Institute of Chartered Accountants of India.This is stated to have been done by them vide their Audit Report dated 9 May 2011 and theirrevised report dated 2 June 2011.I on behalf of the Comptroller and Auditor General of India have conducted a supplementaryaudit under section 619(3)(b) of the Companies Act, 1956 of the financial statements ofM/s KIOCL LIMITED for the year ended 31st March 2011. This supplementary audit has beencarried out independently without access to the working papers of the statutory auditors and islimited primarily to inquiries of the statutory auditors and Company personnel and a selectiveexamination of some of the accounting records. In view of the revisions made vide Para C(c),D and Para 9(b) of Annexure to Revised Auditors' Report and as a result of my auditobservations highlighted during supplementary audit, I have no further comments to offer upon orsupplement to the Statutory Auditors' Report, under Section 619(4) of the Companies Act, 1956.Place: BangaloreDate: 3rd June 2011For and on behalf of theComptroller & Auditor General of IndiaSd/-(C.H. Kharshiing, IA & AS)Principal Director of Commercial Auditand Ex-Officio Member, Audit Board, Bangalore79