ICICI Bank 2008 Annual Report Download - page 122

F48
auditors’ 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.
1. We have audited the attached consolidated Balance Sheet of ICICI Bank Limited (‘the Bank’) and its
subsidiaries, associates and joint ventures (collectively known as ‘the Group’) as at March 31, 2008
and also the consolidated Profit and Loss Account and the consolidated Cash Flow Statement of
the Group for the year ended on that date, both annexed thereto. These financial statements are
the responsibility of the Bank’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.
2. We conducted our audit in accordance with 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 misstatements. 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 the
management, as well as evaluating the overall financial statements presentation. We believe that
our audit provides a reasonable basis for our opinion.
3. We did not audit the financial statements and other financial information of certain subsidiaries which
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. The attached consolidated financial statements include
assets of Rs 593,092.7 million as at March 31, 2008, revenues of Rs 72,214.2 million and cash flows
amounting to Rs 54,095.6 million in respect of the aforementioned subsidiaries for the year then
ended. We also did not audit the financial statements of the Singapore and Bahrain branches of the
Bank, whose financial statements reflect total assets of Rs 563,636.6 million as at March 31, 2008,
total revenues of Rs 33,481.8 million and cash flows amounting to Rs 5,946.0 million for the year
then ended. These financial statements have been audited by another auditor, duly qualified to act
as auditors in the country of incorporation of the branch, whose report has been furnished to us,
and was relied upon by us for our opinion on the financial statements of the Bank.
4. We have relied on the unaudited financial statements of certain subsidiaries, associates and joint
ventures for the year ended March 31, 2008. These unaudited financial statements as approved by
the respective Board of Directors of these companies have been furnished to us by the management
of the Bank. The attached annual consolidated financial results include assets of Rs 111,155.2
million as at March 31, 2008 and revenues of Rs 9,009.1 million and cash flows amounting to Rs
(3,629.9) million in respect of the aforementioned unaudited subsidiaries for the year then ended,
assets of Rs 1,461.8 million as at March 31, 2008, revenues of Rs 2,453.9 million and cash flows
amounting to Rs 244.9 million in respect of the aforementioned unaudited associates for the year then
ended and assets of Rs 120.7 million as at March 31, 2008, revenues of Rs 159.6 million and cash
flows amounting to Rs (17.3) million in respect of the aforementioned joint ventures for the year
then ended.
5. The actuarial valuation of liabilities for policies in force and claims Incurred But Not Reported (‘IBNR’)
and those Incurred But Not Enough Reported (‘IBNER’) is the responsibility of the Appointed Actuary
(‘the Appointed Actuary’) in case of the insurance subsidiaries. The actuarial valuation of liabilities for
policies in force and claims Incurred But Not Reported (‘IBNR’) and those Incurred But Not Enough
Reported (‘IBNER’) as at March 31, 2008 has been duly certified by the Appointed Actuary. The
Appointed Actuary has also certified that the assumptions for such valuation are in accordance with
the guidelines and norms issued by the Insurance Regulatory and Development Authority (‘IRDA’)
and the Actuarial Society of India in concurrence with the IRDA. We have relied upon the Appointed
Actuary’s certificate in this regard.
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