ICICI Bank 2006 Annual Report Download - page 97

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F38
auditor’s report
To the Board of Directors of ICICI Bank Limited on the Consolidated Financial Statements 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, 2006, 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 whose financial statements reflect total
assets of Rs. 117,233 million as at March 31, 2006, the total revenues of Rs. 13,745 million and cash
flows amounting to Rs. 6,109 million for the year then ended. These financial statements and other
financial information have been audited by other auditors whose reports have been furnished to us, and
our opinion is based solely on the report of other auditors.
We have jointly audited the financial statements of a subsidiary with other auditor whose financial
statements reflect total assets of Rs. 92,255 million as at March 31, 2006, the total revenue of Rs. 56,982
million and cash flows amounting to Rs. 913 million for the year then ended.
We have also relied on the un-audited financial statements of certain subsidiaries, associates and joint
ventures, whose financial statements reflect total assets of Rs. 3,967 million as at March 31, 2006, total
revenues of Rs. 158 million and cash flows amounting to Rs. 1,390 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.
Based on our audit and on consideration of reports of other auditors on separate financial statements
and on the consideration of the un-audited financial statements and on the other financial information of
the components, and to the best of our information and according to explanations given to us, we are of