You are here » Home » Companies » Company Overview » ICICI Bank Ltd

ICICI Bank Ltd.

BSE: 532174 Sector: Financials
NSE: ICICIBANK ISIN Code: INE090A01021
BSE 00:00 | 20 Nov 358.00 -4.50
(-1.24%)
OPEN

362.55

HIGH

365.50

LOW

354.85

NSE 00:00 | 20 Nov 357.90 -4.50
(-1.24%)
OPEN

362.00

HIGH

365.45

LOW

354.60

OPEN 362.55
PREVIOUS CLOSE 362.50
VOLUME 746089
52-Week high 375.25
52-Week low 256.50
P/E 66.67
Mkt Cap.(Rs cr) 230,479
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 362.55
CLOSE 362.50
VOLUME 746089
52-Week high 375.25
52-Week low 256.50
P/E 66.67
Mkt Cap.(Rs cr) 230,479
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ICICI Bank Ltd. (ICICIBANK) - Auditors Report

Company auditors report

To the members of

ICICI Bank Limited

Report on the audit of standalone financial statements

We have audited the accompanying standalone financial statements ofICICI Bank Limited (the ‘Bank') which comprise the Balance Sheet as at 31 March2018 the Profit and Loss Account the Cash Flow Statement for the year then ended andnotes to the standalone financial statements including a summary of the significantaccounting policies and other explanatory information in which are incorporated thereturns for the year ended on that date audited by the branch auditors of the Bank'sbranches at Singapore Bahrain Hong Kong Dubai Qatar China South Africa New York andSri Lanka.

Management's responsibility for the standalone financial statements

The Bank's Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 (the ‘Act') with respect to thepreparation of these standalone financial statements that give a true and fair view of thestate of affairs profit / loss and cash flows of the Bank in accordance with theaccounting principles generally accepted in India including the Accounting Standardsprescribed under Section 133 of the Act provisions of Section 29 of the BankingRegulation Act 1949 and the circulars guidelines and directions issued by Reserve Bankof India (‘RBI') from time to time.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theBank and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Bank's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Bank or to ceaseoperations or has no realistic alternative but to do so.

Auditor's responsibility

Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit of standalone financial statements of the Bankincluding its branches in accordance with the Standards on Auditing (the‘Standards') specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatements.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the standalone financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal control relevantto the Bank's preparation of the standalone financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Bank's Directors as well asevaluating the overall presentation of the standalone financial statements.

We are also responsible to conclude on the appropriateness ofmanagement's use of the going concern basis of accounting and based on the auditevidence obtained whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Bank's ability to continue as a going concern.If we conclude that a material uncertainty exists we are required to draw attention inthe auditor's report to the related disclosures in the standalone financialstatements or if such disclosures are inadequate to modify the opinion. Our conclusionsare based on the audit evidence obtained up to the date of the auditor's report.However future events or conditions may cause an entity to cease to continue as a goingconcern.

We believe that the audit evidence obtained by us and the auditevidence obtained by the other auditors in terms of their report referred to in the OtherMatter paragraph below is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Banking Regulation Act 1949 as well as the Act in the mannerso required for banking companies and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Bank asat 31 March 2018 and its profit and its cash flows for the year ended on that date.

Other matter

We did not audit the financial statements of Singapore Bahrain HongKong Dubai Qatar China South Africa New York and Sri Lanka branches included in thestandalone financial statements of the Bank whose financial statements reflect totalassets of Rs. 1352287 million as at 31 March 2018 total revenues of Rs. 53427 millionfor the year ended 31 March 2018 and net cash inflow amounting to Rs. 53283 million forthe year ended 31 March 2018. The financial statements of these branches have been auditedby other auditors duly qualified to act as auditors in the country of incorporation ofthe said branches whose reports have been furnished to us by Management of the Bank andour opinion in so far as it relates to the amounts and disclosures included in respect ofthese branches is based solely on the report of such other auditors. Our opinion is notmodified in respect of this matter.

Report on other legal and regulatory requirements

The Balance Sheet and the Profit and Loss Account have been drawn up inaccordance with the provisions of Section 29 of the Banking Regulation Act 1949 read withSection 133 of the Act.

As required by sub-section (3) of Section 30 of the Banking Regulation Act 1949 wereport that:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit and have found them tobe satisfactory;

(b) The transactions of the Bank which have come to our notice have been within thepowers of the Bank; and

(c) Since the key operations of the Bank are automated with the key applicationsintegrated to the core banking systems the audit is carried out centrally as all thenecessary records and data required for the purposes of our audit are available therein.However during the course of our audit we have visited 106 branches. As stated abovereturns from branches were received duly audited by other auditors and were found adequatefor the purpose of our audit.

Further as required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theBank so far as it appears from our examination of those books and proper returns adequatefor the purposes of our audit have been received from branches not visited by us;

(c) The reports on the accounts of the branch offices of the Bank audited under Section143 (8) of the Act by the branch auditors have been sent to us and have been properlydealt with by us in preparing this report;

(d) The Balance Sheet the Profit and Loss Account and the Cash Flow Statement dealtwith by this report are in agreement with the books of account and with the returnsreceived from the branches not visited by us;

(e) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act to the extent they are notinconsistent with the accounting policies prescribed by RBI;

(f) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

(g) With respect to the adequacy of the internal financial controls with reference tothe standalone financial statements of the Bank and the operating effectiveness of suchcontrols refer to our separate Report in ‘Annexure A'; and

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Bank has disclosed the impact of pending litigations on its financial positionin its standalone financial statements - Refer Note 40 to the standalone financialstatements;

(ii) The Bank has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts - Refer Note 40 to the standalone financial statements;

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Bank; and

(iv) The disclosures required on holdings as well as dealing in Specified Bank Notesduring the period from 8 November 2016 to 30 December 2016 as envisaged in notificationG.S.R. 308(E) dated 30 March 2017 issued by the Ministry of Corporate Affairs is notapplicable to the Bank.

For B S R & Co. LLP
Chartered Accountants
Firm's Registration No: 101248W/W–100022
Venkataramanan Vishwanath
Mumbai Partner
7 May 2018 Membership No:113156

ANNEXURE A to the Independent Auditors' Report of even date onthe Standalone Financial Statements of ICICI Bank Limited

Report on the Internal Financial Controls under clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013

1. We have audited the internal financial controls over financialreporting of ICICI Bank Limited (the ‘Bank') as at 31 March 2018 inconjunction with our audit of the standalone financial statements of the Bank for the yearended on that date.

Management's responsibility for internal financial controls

2. The Bank's Board of Directors is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Bank considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the ‘Guidance Note') issued by the Institute of CharteredAccountants of India (the ‘ICAI'). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Bank's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand timely preparation of reliable financial information as required under the CompaniesAct 2013 (the ‘Act').

Auditor's responsibility

3. Our responsibility is to express an opinion on the Bank'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note and the Standards on Auditing (the‘Standards') issued by the ICAI and deemed to be prescribed under Section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

5. We believe that the audit evidence we have obtained and the auditevidence obtained by the other auditors in terms of their reports referred to in the OtherMatter paragraph below is sufficient and appropriate to provide a basis for our auditopinion on the Bank's internal financial controls system over financial reporting.

Meaning of internal financial controls over financial reporting

6. A bank's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A bank's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the bank; (2) provide reasonable assurancethat transactions are recorded as necessary to permit preparation of the financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the bank are being made only in accordance with authorizations ofmanagement and directors of the bank; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thebank's assets that could have a material effect on the financial statements.

Inherent limitations of internal financial controls over financialreporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor 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 adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2018 based onthe internal control over financial reporting criteria established by the Bank consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

Other matter

9. Our aforesaid report under Section 143 (3) (i) of the Act on theadequacy and operating effectiveness of the internal financial controls over financialreporting insofar as it relates to overseas branches is based on the correspondingreports of the branch auditors. Our opinion is not modified in respect of this matter.

For B S R & Co. LLP
Chartered Accountants
Firm's Registration No: 101248W/W–100022
Venkataramanan Vishwanath
Mumbai Partner
7 May 2018 Membership No:113156