ICICI Bank 2016 Annual Report Download - page 120

118 Annual Report 2015-2016
EMPHASIS OF MATTER
9. We draw attention to Note 25 to the standalone nancial statements, which provides details with regard to the
creation of provision relating to Funded Interest Term Loan through the utilization of reserves pertaining to the year
ended 31 March 2015, as permitted by the RBI vide letter dated 6 January 2015. Our opinion is not modied in
respect of this matter.
OTHER MATTERS
10. We did not audit the nancial statements of the Singapore, Bahrain, Hong Kong, Dubai, Qatar, China, South Africa,
New York and Sri Lanka branches of the Bank, whose nancial statements reect total assets of ` 1,669,359 million
as at 31 March 2016, total revenues of ` 74,005 million for the year ended 31 March 2016 and net cash inows
amounting to ` 12,184 million for the year ended 31 March 2016. These nancial statements have been audited by
other auditors, duly qualied to act as auditors in the country of incorporation of the said branches, whose reports
have been furnished to us by Management of the Bank and our opinion, in so far as it relates to such branches is
based solely on the reports of the other auditors. Our opinion is not modied in respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
11. The Balance Sheet and the Prot and Loss Account have been drawn up in accordance with the provisions of Section
29 of the Banking Regulation Act, 1949 read with Section 133 of the Companies Act, 2013 read with the Rule 7 of the
Companies (Accounts) Rules, 2014.
12. As required sub section (3) of section 30 of the Banking Regulation Act, 1949, 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) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and
(c) since the key operations of the Bank are automated with the key applications integrated to the core banking
systems, the audit is carried out centrally as all the necessary records and data required for the purposes of
our audit are available therein. However, during the course of our audit we have visited 122 branches. As stated
above, returns from nine foreign branches were received duly audited by other auditors and were found adequate
for the purposes of our audit.
13. Further, as required by section 143(3) of the Companies Act, 2013, we further report that:
(i) we have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit;
(ii) 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 and proper returns adequate for the purposes of our audit have been received
from the foreign branches not visited by us;
(iii) the reports on the accounts of the foreign branch ofces audited by the respective branch auditors of the Bank
under section 143(8) of the Companies Act 2013 have been sent to us and have been properly dealt with by us
in preparing this report;
(iv) the Balance Sheet, the Prot and Loss Account and the Cash Flow Statement dealt with by this report are in
agreement with the books of account and with the returns received from the foreign branches not visited by us;
(v) in our opinion, the aforesaid standalone nancial statements comply with the Accounting Standards specied
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, to the extent they are
not inconsistent with the accounting policies prescribed by the RBI and to the extent of the direction given by the
RBI in respect to the matter dealt with in the Emphasis of Matter paragraph above;
Independent Auditors’ Report