ICICI Bank 2013 Annual Report Download - page 79

F1
independent auditors’ report
To the Members of ICICI Bank Limited
Report on the Financial Statements
1. We have audited the attached Balance Sheet of ICICI Bank Limited (the ‘Bank’) as at 31 March 2013 and also the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information. Incorporated in the said financial statements are the returns of the Singapore, Bahrain, Hong Kong,
Dubai, Qatar, Sri Lanka and New York-USA branches of the Bank, audited by other auditors.
Management’s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Bank in accordance with accounting principles generally accepted in
India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (‘the Act’)
read with guidelines issued by the Reserve Bank of India insofar as they are applicable to the Bank and in conformity with
Form A and B (revised) of the Third Schedule to the Banking Regulation Act, 1949 as applicable. This responsibility includes
the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on these 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
financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Bank’s preparation and fair presentation of the financial statements 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
financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give
the information required by the Banking Regulation Act, 1949 and the Act 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:
(a) in the case of the Balance Sheet, of the state of affairs of the Bank as at 31 March 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provision of section 29 of the
Banking Regulation Act, 1949 read with section 211 of the Act.
8. We report that:
(a) 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;
(b) In our opinion, the transactions of the Bank which have come to our notice have been within its powers;
(c) The financial accounting systems of the Bank are centralised and therefore, accounting returns for the purpose of preparing
financial statements are not required to be submitted by the branches; we have visited 98 branches for the purpose of our audit;
9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
10. We further report that:
(a) 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;
(b) The Balance Sheet, Profit and Loss Account, and Cash Flow Statement dealt with by this Report are in agreement with the
books of account;
(c) On the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board
of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
Other Matter
11. 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 Rs. 1,270,195 million as at 31 March 2013, the total revenue of Rs. 60,882 million
for the year ended 31 March 2013 and net cash flows amounting to Rs. 84,228 million for the year ended 31 March 2013. These
financial statements have been audited by other auditors, duly qualified to act 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.
For S.R. Batliboi & Co. LLP
Firm registration number: 301003E
Chartered Accountants
per Shrawan Jalan
Partner
Membership No.: 102102
Place: Mumbai
Date: April 26, 2013