Trustee Savings Banks Act, 1989

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Report of auditor of trustee savings bank and right of access to its books.

37.—(1) The auditor of a trustee savings bank shall make a report annually to the trustees of the bank on the accounts of the bank examined by him and on every balance sheet and every income and expenditure account of the bank made up by the trustees pursuant to section 35 during his tenure of office.

(2) The auditor's report in relation to a trustee savings bank shall state whether—

(a) he has obtained all the information and explanations which to the best of his knowledge and belief were necessary for the purposes of his audit,

(b) in his opinion, proper books of account have been kept by the bank so far as appears from his examination of those books and proper returns adequate for the purposes of his audit have been received from any branches of the bank not visited by him,

(c) the balance sheet and income and expenditure account of the bank are in agreement with the books of account and records of the bank, and

(d) in his opinion and to the best of his information and according to the explanations given to him, the bank's balance sheet and income and expenditure account give the information required by this Act in the manner so required and give a true and fair view—

(i) in the case of the balance sheet, of the state of the bank's affairs as at the end of its financial year, and

(ii) in the case of the income and expenditure account, of the income and expenditure of the bank for its financial year.

(3) It shall be the duty of the auditor in preparing his report under this section in relation to a trustee savings bank to carry out such investigations as will enable him to form an opinion as to whether—

(a) the bank has kept proper books of account and records, and

(b) the bank has maintained a satisfactory system of control and supervision of its transactions and its books of account and other records,

and, where the auditor is of opinion that the bank has failed to keep proper books of account or records or to maintain a satisfactory system in relation to the matters specified in paragraph (b), he shall so state in his report.

(4) An auditor of a trustee savings bank shall have access at all reasonable times to the books, accounts, records and vouchers of the bank and to all other documents relating to its affairs and may require from, and in pursuance of such a requirement there shall be given by, the officers of the bank such information and explanations as he thinks necessary for the performance of his duties as auditor.

(5) Where a trustee savings bank has a subsidiary or holds shares in or is a member of a body corporate—

(a) in case the subsidiary or body is a body incorporated in the State, it is the duty of the subsidiary or body and its auditors to give to the bank's auditors such information and explanations and such access to documents as those auditors may reasonably require for the purposes of their duties as auditors of the society, and

(b) in any other case, it is the duty of the bank, if required by its auditors to do so, to take all such steps as are reasonably open to it to obtain from the subsidiary or body such information and such access as are mentioned in paragraph (a).