ICICI Bank 2014 Annual Report Download - page 144

F56
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, 2014, and the consolidated Profit and Loss Account 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, 2014;
(b) in the case of the consolidated Profit and Loss Account, 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
` 709,872 million as at March 31, 2014, total revenue of ` 86,108 million and cash inflows amounting to ` 21,444 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 ` 1,630,498 million as at March 31, 2014, the total revenue
of ` 69,223 million for the year ended March 31, 2014 and net cash flows amounting to ` 209,916 million for the year
To the Board of Directors of ICICI Bank Limited on the Consolidated
Financial Statements.