Financial Systems and Auditing

Annexure
Specimen of Auditor's Report
The Members,
`Z' General Insurance Co. Ltd.
We have audited the annexed Balance Sheet of the 'Z' General Insurance Co.
Ltd., as at 31st December, 2000 and the Fire, Marine and Miscellaneous
Insurance Revenue Accounts, the Profit and Loss Account and the Profit and
Loss Appropriation Account of the company for the year ended upon that date in
which are incorporated the authenticated Returns from Agencies, Treaty
Companies and the audited Returns from Branches.

We report that:

(a) We have obtained all the information and explanations which, to the best of
our knowledge and belief, were necessary for the purpose of our audit;
(b) In our opinion, proper books of accounts as required by law have been kept
by the Company so far as appears from our examination of those books and
proper Returns adequate for the purpose of our audit have been received
from the Branches not visited by us;

(c) The Company's Balance Sheet, Revenue Accounts, Profit and Loss Account
and Profit and Loss Appropriation Account are in agreement with the books of
accounts and Returns;
(d) In our opinion and

to the best of our information and according to the explanations given to

us, the said accounts give the information required by the Companies Act,
1956 in the manner so required, as applicable to insurance companies,
and on such basis give a true and fair view:
(i) in the case of the Balance Sheet, of the state of the Company's affairs as
at 31st December, 2000 and;
(ii) in the case of the Profit and Loss Account, of the profit for the year ended
on that date;
Sikkim Manipal University

Page No.: 154