AR 2009-10 - Centre for Studies in Social Sciences, Calcutta

B. N. Mukherjee & Co.CHARTERED ACCOUNTANTSAUDITORS’ REPORTPHONE : 2248-1726, 2230-7281FAX : 91-33-2230 7281CABLE : BESTADVICEE-mail : snkukherji@vsnl.netsnm_calcutta@hotmail.com1B, Old Post Office StreetCalcutta - 700 001To the Board of Governors ofCENTRE FOR STUDIES IN SOCIAL SCIENCES, CALCUTTAR-1, B. P. Township Kolkata - 700 0941. We have audited the attached Balance Sheet of ‘Centre for Studiesin Social Sciences, Calcutta’ as at 31st March, 2010 and also theIncome & Expenditure Account of the Centre for the year ended onthat date annexed thereto. These financial statements are theresponsibility of the Centre’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.2. We conducted our audit in accordance with auditing standards generallyaccepted in India. Those Standards require that we plan and performthe audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by themanagement, as well as, evaluating the overall financial statementpresentation. We believe that our audit provides a reasonable basisfor our opinion.3. We report as follows :-i) We have obtained all the information and explanations which tothe best of our knowledge and belief were necessary for thepurpose of auditing the accounts in the form in which they havebeen prepared.ii) In our opinion, proper books of account as required by law havebeen kept by the Centre so far as it appear from our examinationof the books.iii)The Balance Sheet and Income & Expenditure Account dealt withby this report are in agreement with the books of account.4. In our opinion and to the best of our information and according to theexplanations given to us and subject to the following observations:-i) Gratuity liability of Rs.33,92,548/- and Leave Encashment liabilityof Rs.54,07,095/- were estimated and provided in the year 2001-02 and 2002-03 respectively. No re-assessment or fresh provisionwas made on actuarial basis thereafter upto the financial year2009-10 which is a deviation from Accounting Standard 15 issuedby the Institute of Chartered Accountants of India. Under thecircumstances we are unable to comment on adequacy orotherwise of the provisions made under the above heads.ii) A credit balance under the head Sales Tax amounting toRs.19,268/- is shown as Current Liability in the books of account.The reason for such credit balance has not been properlyexplained to us.iii) An unreconciled balance of Rs.16,905.26/- (Dr.) is appearing asAccrued Interest Receivable on Investment (PF). Steps shouldbe taken to identify the reason for such debit balance in the books:the said accounts together with the Significant Accounting Policiesand Notes on Accounts attached thereto, give a true and fair viewin conformity with the accounting principles generally accepted inIndia.a) in the case of Balance Sheet, of the statement of affairs of theCentre as at 31st March, 2010 andb) in the case of Income & Expenditure Account, of the excess ofexpenditure over income for the year ended on that date.Place: KolkataDate: 1st September 2010For S. N. Mukherjee & Co.Chartered Accountants(Reg. No. 301079E)Sd/-(P. S. Basu)Partner(Membership No. 52224)