AUDITORS REPORT
We have audited the attached Balance Sheet of Common Cause (‘the Society’) as at March 31, 2008 and the Income and Expenditure Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Management of the Society. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
We report that:
- We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;
- In our opinion, proper books of account as required by law have been kept by the Society so far as appears from our examination of those books;
- The Balance Sheet and the Income and Expenditure Account dealt with by this report are in agreement with the books of account; and
- Up to the year ended March 31, 2007, the Society had been accounting its Income for on cash basis, except interest on fixed deposits/ bank deposits which was accrued every year; and the Expenses were accounted for on cash basis. During the current year, the Society has revised its accounting policy by adopting mercantile system of accounting. The realized items of income and expenditure are accounted for on accrual basis. The impact of this change has been provided in the income & expenditure account by making provision of higher expenses of Rs. 280,793 and higher income of Rs. 259,664. The net impact is lower surplus of Rs. 21,129.
- In our opinion and to the best of our information and according to the explanations given to us, the said accounts give a true and fair view in conformity with the accounting principles generally accepted in India:
- In the case of the Balance Sheet, of the state of affairs of the Society as at March 31, 2008; and
- b. In the case of the Income and Expenditure Account, of the Surplus in the Society for the year ended on that date.
For VKGN & Associates
Chartered Accountants
Vijay Gupta
Membership No: 081986
Place: New Delhi
Date: September 27, 2008
