ICICI Bank 2016 Annual Report Download - page 195

Annual Report 2015-2016 193
To the Members of
ICICI Bank Limited
We have audited the accompanying consolidated nancial statements of ICICI Bank Limited (hereinafter referred
to as “the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as
“the ICICI Group”) and associates, comprising of the Consolidated Balance Sheet as at 31 March 2016, the Consolidated
Prot and Loss account and Consolidated Cash Flow Statement for the year then ended, and a summary of signicant
accounting policies and other explanatory information (hereinafter referred to as “the consolidated nancial statements”).
MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Holding Company’s Board of Directors is responsible for the preparation of these consolidated nancial statements
in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair
view of the consolidated nancial position, consolidated nancial performance and consolidated cash ows of the ICICI
Group including its associates 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 the
Reserve Bank of India (‘RBI’) from time to time.
The respective Board of Directors of the companies included in the ICICI Group and of its associates are responsible
for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the ICICI Group and its associates 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 adequate 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 true and fair view and are free from material misstatement, whether due to fraud or
error, which have been used for the purpose of preparation of the consolidated nancial statements by the Directors of
the Holding Company, as aforesaid.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these consolidated nancial statements based on our audit. While
conducting our audit, 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 Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing 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 consolidated nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
nancial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks
of material misstatement of the consolidated nancial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal nancial control relevant to the Holding Company’s preparation of the
consolidated 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 the Holding Company’s Board of Directors, as well as evaluating
the overall presentation of the consolidated nancial statements.
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 sub-paragraph (a) of the Other Matters paragraph below, is sufcient and appropriate to provide
a basis for our audit opinion on the consolidated nancial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
nancial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the ICICI
Independent Auditors’ Report