ICICI Bank 2012 Annual Report Download - page 130

F52
auditors’ report
1. We have audited the attached consolidated balance sheet of ICICI Bank Limited (the ‘Bank’) and its subsidiaries,
associates and joint ventures (the ‘ICICI Group’), as at March 31, 2012, 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 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.
2. 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.
3. We did not audit the financial statements of certain subsidiaries, whose financial statements reflect total assets of
` 589,572 million as at March 31, 2012, total revenue of ` 70,495 million and cash flows amounting to ` 6,938 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.
4. We did not audit the financial statements of Singapore, Bahrain, Hong Kong, Dubai, Qatar, Sri Lanka and New York- USA
branches, whose financial statements reflect total assets of ` 1,140,883 million as at March 31, 2012, total revenue of
`53,809 million for the year ended March 31, 2012 and net cash flows amounting to ` 119,605 million for the year then
ended. These financial statements have been audited by other auditors, duly qualified to acts as auditors in the country
of incorporation of the said branches, whose reports have been furnished to us, and our opinion is based solely on the
report of other auditors.
5. We have also relied on the un-audited financial statements of certain subsidiaries, associates and joint ventures, whose
financial statements reflect total assets of ` 30,130 million as at March 31, 2012, total revenues of ` 5,731 million and net
cash flows amounting to ` 1,052 million for the year then ended.
6. We have jointly audited, with other auditor, the financial statements of subsidiary which reflect total assets of ` 716,544
million as at March 31, 2012, total revenue of ` 176,204 million and cash flows amounting to ` 7,827 million for the year
then ended. For the purpose of the consolidated financial statements, we have relied upon the work of other auditors.
7. We report that the consolidated financial statements have been prepared by the ICICI Bank Limited’s management in
accordance with the requirements of Accounting Standards (AS) 21, Consolidated financial statements, Accounting
Standards (AS) 23, Accounting for Investments in Associates in Consolidated Financial Statements and Accounting
Standard (AS) 27, Financial Reporting of Interests in Joint Ventures notified pursuant to the Companies (Accounting
Standards) Rules, 2006, (as amended).
8. The actuarial valuation of liabilities for life policies in force is the responsibility of the ICICI Group’s life insurance
subsidiary’s appointed actuary (the Appointed Actuary). The actuarial valuation of these liabilities as at March 31, 2012
has been duly certified by the Appointed Actuary and in his opinion 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 in concurrence with the IRDA. The statutory auditors of ICICI Prudential Life Insurance Company Limited have
relied upon appointed Actuary’s certificate in this regard.
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.