ICICI Bank 2013 Annual Report Download - page 132

F54
independent auditors’ report
We have audited the accompanying consolidated financial statements of ICICI Bank Limited (“the Bank”) and its subsidiaries,
associates and joint ventures (the ‘ICICI Group’), which comprise the consolidated Balance Sheet as at March 31, 2013, and
the consolidated Statement of Profit and Loss and the consolidated Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation of these consolidated financial statements that give a true and fair view
of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in
accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation
and maintenance of internal control relevant to the preparation and presentation of the consolidated financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted
our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks
of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the Group’s preparation and presentation of the consolidated
financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, based on our audit and on consideration of reports of other auditors and branches auditors on separate
financial statements and other financial information of the components, and the consideration of the un-audited financial
statements, and to the best of our information and according to the explanations given to us, the consolidated financial
statements give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2013;
(b) in the case of the consolidated Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) in the case of the consolidated Cash Flow Statement, of the cash flows for the year ended on that date.
Other Matter
We did not audit the financial statements of certain subsidiaries, whose financial statements reflect total assets of ` 610,074
million as at March 31, 2013, total revenue of ` 76,855 million and cash flows amounting to ` 31,828 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 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 ` 1,270,195 million as at March 31, 2013, the total revenue of
` 60,882 million for the year ended March 31, 2013 and net cash flows amounting to ` 84,228 million for the year ended
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.