ICICI Bank 2016 Annual Report Download - page 123

121Annual Report 2015-2016
Annexure A
to the Independent Auditor’s Report of even date on the Standalone Financial Statements of ICICI Bank Limited
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
7. Because of the inherent limitations of internal nancial controls over nancial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal nancial controls over nancial reporting to future
periods are subject to the risk that the internal nancial control over nancial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
8. In our opinion, the Bank has, in all material respects, an adequate internal nancial controls system over nancial
reporting and such internal nancial controls over nancial reporting were operating effectively as at 31 March
2016, based on the internal control over nancial reporting criteria established by the Bank considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the ICAI.
OTHER MATTERS
9. Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
nancial controls over nancial reporting insofar as it relates to oversseas branches, is based on the corresponding
reports of the branch auditors. Our opinion is not modied in respect of this matter.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/W-100022
Venkataramanan Vishwanath
Mumbai Partner
29 April 2016 Membership No: 113156