To the Members of OXFAM INDIA
We have audited the accompanying financial statements of OXFAM INDIA (‘the Company’) which comprise the Balance Sheet as at 31 March 2016, the Statment of Income and Expenditure account, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
The Company’s Board of Directors is responsible for the matter stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the asset of the Company and for preventing and detecting the frauds and other irregularities; selection and application of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
a. Attention is drawn to note 30 to the financial statements wherein it is mentioned that the Company is in the process of carrying out physical verification of its fixed assets and is yet to carry out a comparison and reconciliation of physical verification results with the financial records. Accordingly we are not in a position to comment on the adjustments that may be required to be made in the fixed assets and consequential impact, if any, on these financial statements.
b. Attention is invited to Note 31 to the financial statements which indicates that the internal control systems relating to the procurement of goods and services, vendor agreements and authorisation of expenditure and vouchers is not adequate to make it commensurate with the size and nature of the operations of the Company. We have been informed by the management that it is in the process of taking the necessary steps to strengthen the design, implementation and maintenance of adequate internal financial controls for the above mentioned areas.
In our opinion and to the best of our information and according to the explanations given to us, except for the possible effect of tee matters described in the Basis for Qualified Opinion paragraph, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2016, its excess of income over expenditure and its cash flows for the year ended on that date.
