ICICI Bank 2010 Annual Report Download - page 131
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F51
7. The actuarial valuation of liabilities in respect of claims incurred but not reported (IBNR) and those
incurred but not enough reported (IBENR) as at 31 March 2010, other than for reinsurance accepted
from Indian Motor Third Party Insurance Pool of the Group’s general insurance subsidiary, has been
duly certified by the appointed actuary of the Company and relied upon by us. The appointed actuary
has also certified that the assumptions considered by him for such valuation are in accordance with
the guidelines and norms prescribed by the IRDA and the Actuarial Society of India in concurrence
with the IRDA.
8. We report that the consolidated financial statements have been prepared by the Bank’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 Interests in Joint Ventures, prescribed
by the Companies (Accounting Standards) Rules, 2006.
9. 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.
10. Based on our audit and to the best of our information and according to the explanations given to us
and on the consideration of reports of other auditors on separate financial statements and on the
consideration of the unaudited financial statements and on other relevant financial information of
the components, we are of the opinion that the consolidated financial statements give a true and fair
view in conformity with the accounting principles generally accepted in India and guidelines issued
by Reserve Bank of India in relation to preparation of consolidated financial statements:
(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at
31 March 2010;
(b) in the case of the consolidated Profit and Loss Account, of the profit of the Group for the year
ended on that date; and
(c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Group for the
year ended on that date.
For B S R & Co.
Chartered Accountants
Firm’s Registration No: 101248W
Akeel Master
Partner
Membership No.: 046768
Mumbai
April 24, 2010
auditors’ report