ICICI Bank 2008 Annual Report Download - page 75

F1
1. We have audited the attached Balance Sheet of ICICI Bank Limited (‘the Bank’) as at March 31, 2008 and also the Profit
and Loss Account and the Cash Flow Statement for the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial
statements based on our audit. Incorporated in the said financial statements are the returns of the Singapore and Bahrain
branches, audited by another auditor.
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 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. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provisions of Section 29
of the Banking Regulation Act, 1949 read with Section 211(1) and (2) of the Companies Act, 1956.
5. We report that:
(i) 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 and have found them to be satisfactory;
(ii) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank;
(iii) the returns received from the offices and branches of the Bank have been found adequate for the purposes of
our audit.
6. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply
with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent they
are not inconsistent with the accounting policies prescribed by the Reserve Bank of India.
7. We further report that:
(i) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with
the books of account and the returns;
(ii) in our opinion, proper books of account as required by law have been kept by the Bank so far as appears from our
examination of those books;
(iii) the reports on the accounts of the Singapore and Bahrain branches audited by another auditor have been dealt with
in preparing our report in the manner considered necessary by us;
(iv) as per information and explanations given to us the Central Government has, till date, not prescribed any cess payable
under Section 441A of the Companies Act, 1956;
(v) on the basis of written representations received from the directors, as on March 31, 2008, and taken on record by the
Board of Directors, we report that none of the directors is disqualified as on March 31, 2008 from being appointed as
a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;
8. In our opinion and to the best of our information and according to the explanations given to us and on consideration of
report submitted by the Singapore and Bahrain branch auditors, the said accounts together with the notes thereon give the
information required by the Banking Regulation Act, 1949 as well as the Companies Act, 1956, in the manner so required for
banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Bank as at March 31, 2008;
(ii) in the case of the Profit and Loss Account, of the profit of the Bank for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the Bank for the year ended on that date.
for BSR & Co.
Chartered Accountants
Akeel Master
Partner
Membership No.: 046768
Mumbai
April 26, 2008
To the Members of ICICI Bank Limited
auditors’ report
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