ICICI Bank 2015 Annual Report Download - page 183

forming part of the Consolidated Balance Sheet (Contd.)
Schedules
181Annual Report 2014-2015
Consolidated Financial Statements
181Annual Report 2014-2015
To The Members of
ICICI Bank Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
We have audited the accompanying consolidated financial statements of ICICI Bank Limited (“the Bank”) and its subsidiaries
and associates (collectively referred to as “the ICICI Group”), which comprise the Consolidated Balance Sheet as at
31 March 2015, the Consolidated Profit and Loss Account and 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
The Management of the Bank is responsible for the preparation and presentation 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 the accounting principles generally accepted in India, including
the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules,
2014 (particularly Accounting Standard 21, Consolidated Financial Statements and AS 23, Accounting for Investments
in Associates in Consolidated Financial Statements), provisions of Section 29 of the Banking Regulation Act, 1949
and the Reserve Bank of India’s (‘RBI’) circulars, guidelines and directions. 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. These statements have been prepared on the basis of separate financial statements and other financial information
regarding components.
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 specified under section 143(10) of the Act. 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 auditors’ judgment, 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 preparation of the consolidated financial statements
that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on whether the Group has in place an adequate internal financial controls system over
financial reporting and the operating effectiveness of such controls. 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
on the consolidated financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of other auditors on separate financial statements and on the other financial information of certain
subsidiaries and an associate and on consideration of unaudited financial statements of certain associates as furnished by
the Management as noted below, the aforesaid consolidated financial statements give a true and fair view in conformity
with the accounting principles generally accepted in India (including the Accounting Standards specified under section 133
of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 and provisions of Section 29 of the Banking Regulation
Act, 1949 and the RBI’s circulars/guidelines/direction):
i) in the case of Consolidated Balance Sheet, of the state of affairs of the Group as at 31 March 2015;
ii) in the case of the Consolidated Profit and Loss Account, of the profits for the year ended on that date; and
iii) in the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date.
Independent Auditors’ Report