ICICI Bank 2005 Annual Report Download - page 94

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F34
auditor’s report
TT
TT
To the Board of Directors of ICICI Bank Limited on the Consolidated Fo the Board of Directors of ICICI Bank Limited on the Consolidated F
o the Board of Directors of ICICI Bank Limited on the Consolidated Fo the Board of Directors of ICICI Bank Limited on the Consolidated F
o the Board of Directors of ICICI Bank Limited on the Consolidated Financial Statementsinancial Statements
inancial Statementsinancial Statements
inancial Statements
of ICICI Bank Limited and its Subsidiaries, Associates and Joint Ventures.of ICICI Bank Limited and its Subsidiaries, Associates and Joint Ventures.
of ICICI Bank Limited and its Subsidiaries, Associates and Joint Ventures.of ICICI Bank Limited and its Subsidiaries, Associates and Joint Ventures.
of ICICI Bank Limited and its Subsidiaries, Associates and Joint Ventures.
We have audited the attached Consolidated Balance Sheet of ICICI Bank Limited and its subsidiaries,
associates and joint ventures (the ‘Group’) as at March 31, 2005, and also the Consolidated Profit
and Loss Account and the Consolidated Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of the ICICI Bank Limited’s
management and have been prepared by the management on the basis of separate financial
statements and other financial information regarding components. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the 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 did not audit the financial statements of certain subsidiaries, associates and joint ventures
whose financial statements reflect total assets of Rs.60,871.52 million as at March 31, 2005, the
total revenues of Rs.3,457.86 million and cash flows amounting to Rs.9,502.10 million for the year
then ended. These financial statements have been audited by other auditors, in so far as it relates
to the amounts included in respect of the subsidiaries, is solely based on the report of those
respective auditors.
We have jointly audited the financial statements of a joint venture with other auditor whose
financial statements reflect total assets of Rs. 48,125.93 million as at March 31, 2005, the total
revenue of Rs.24,807.88 million and cash flows amounting to Rs. 1,492.66 million for the year
then ended.
We have also relied on the un-audited financial statements of certain subsidiaries/associates/joint
ventures, whose financial statements reflect total assets of Rs. 7,669.63 million as at March 31,
2005, total revenues of Rs. 110.91 million and cash flows amounting to Rs. 335.79 million for the
year then ended.
We report that the consolidated financial statements have been prepared by the ICICI Bank Limited’s
management in accordance with the requirements of Accounting Standard 21, Consolidated
Financial Statements, Accounting Standard 23, Accounting for Investments in Associates in
Consolidated Financial Statements and Accounting Standard 27, Financial Reporting of interest in
Joint Ventures issued by the Institute of Chartered Accountants of India.