ICICI Bank 2016 Annual Report Download - page 119

117Annual Report 2015-2016
Independent Auditors’ Report
To the Members of
ICICI Bank Limited
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
1. We have audited the accompanying standalone nancial statements of ICICI Bank Limited (‘the Bank’), which comprise
the Balance Sheet as at 31 March 2016, the Prot and Loss Account, the Cash Flow Statement for the year then
ended, a summary of signicant accounting policies and other explanatory information in which are incorporated the
returns of the Singapore, Bahrain, Hong Kong, Dubai, Qatar, China, South Africa, New York, and Sri Lanka branches
of the Bank, audited by branch auditors.
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
2. The Bank’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013
(‘the Act’) with respect to the preparation of these standalone nancial statements that give a true and fair view of
the nancial position, nancial performance and cash ows of the Bank in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specied under section 133 of the Act read with Rule
7 of the Companies (Accounts) Rules, 2014, provisions of Section 29 of the Banking Regulation Act, 1949 and the
circulars, guidelines and directions issued by Reserve Bank of India (‘RBI’) from time to time. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of internal nancial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the nancial
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 standalone nancial statements based on our audit.
4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
5. We conducted our audit of the Bank including its branches in accordance with Standards on Auditing (‘the Standards’)
specied 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 nancial statements are free of material
misstatements.
6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the nancial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the nancial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the Bank's preparation of the nancial 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 Bank’s Directors, as well as evaluating the overall presentation of the nancial statements.
7. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of
their report referred to in the Other Matters paragraph below, is sufcient and appropriate to provide a basis for our
audit opinion on the standalone nancial statements.
OPINION
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone nancial statements give the information required by the Banking Regulation Act, 1949 as well as the
relevant requirements of the Companies Act, 2013, in the manner so required for banking companies and give a true
and fair view in conformity with accounting principles generally accepted in India of the state of affairs of the Bank as
at 31 March 2016, and its prot and its cash ows for the year then ended.