ICICI Bank 2006 Annual Report Download - page 15

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II. Audit Committee
Terms of Reference
The Audit Committee provides direction to the audit function and monitors the quality of internal and
statutory audit. The responsibilities of the Audit Committee include overseeing the financial reporting
process to ensure fairness, sufficiency and credibility of financial statements, recommendation of
appointment and removal of central and branch statutory auditors and chief internal auditor and fixation
of their remuneration, approval of payment to statutory auditors for other services rendered by them,
review of functioning of Whistle Blower Policy, review of the quarterly and annual financial statements
before submission to Board, review of the adequacy of internal control systems and the internal audit
function, review of compliance with the inspection and audit reports and reports of statutory auditors,
review of the findings of internal investigations, review of statement of significant related party transactions,
review of management letters/letter of internal control weaknesses issued by statutory auditors, discussion
on the scope of audit with external auditors and examination of reasons for substantial defaults, if any, in
payment to stakeholders. The Committee provides direction to the internal audit function and monitors
the quality of internal and statutory audit. The Committee is also empowered to appoint/oversee the
work of any registered public accounting firm, establish procedures for receipt and treatment of complaints
received regarding accounting and auditing matters, engage independent counsel as also provide for
appropriate funding for compensation to be paid to any firm/advisors.
Composition
The Audit Committee comprises three independent Directors and is chaired by Sridar Iyengar. There
were six meetings of the Committee during the year. The details of the composition of the Committee
and attendance at its Meetings are set out in the following table:
Name of Member Number of Meetings attended
Sridar Iyengar (w.e.f. August 21, 2005; Chairman w.e.f. October 12, 2005) 5(1)
Uday Chitale, Chairman (up to August 20, 2005) 2
M. K. Sharma, Alternate Chairman 5
Somesh R. Sathe (up to January 28, 2006) 3
Narendra Murkumbi (w.e.f. January 29, 2006) 1
(1) Including one Meeting as invitee prior to his appointment as a Member.
Directors’ Report
Branch Network
ICICI Bank has a network of over 630 branches
(of which 51 are extension counters) across
the country. The network puts a wide range of
banking products and financial services within
easy reach of retail and corporate customers.
Reaching customers anywhere, anytime
Rural Kiosk
A network of about 4,300 rural internet kiosks
provide access to a range of financial services
and products at the village level. These kiosks,
owned and run by rural entrepreneurs, act as the
last mile link to the rural customers. In addition
to ICICI Bank’s financial services, kiosks also
provide services related to health, education and
e-governance.
Phone Banking
Phone Banking offers 24x7
service across liability, asset
and investment products to both
retail and corporate customers.