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ICICI Bank Ltd.

BSE: 532174 Sector: Financials
NSE: ICICIBANK ISIN Code: INE090A01021
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OPEN 636.00
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VOLUME 489814
52-Week high 679.30
52-Week low 323.20
P/E 27.15
Mkt Cap.(Rs cr) 439,711
Buy Price 0.00
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ICICI Bank Ltd. (ICICIBANK) - Auditors Report

Company auditors report

To the Members of

ICICI Bank Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of ICICI BankLimited (‘the Bank') which comprise the Balance Sheet as at 31 March 2020 theProfit and Loss Account and the Cash Flow Statement for the year then ended and a summaryof the significant accounting policies and other explanatory information. Incorporated inthese standalone financial statements are the returns of the international branches forthe year ended 31 March 2020. The branches in Dubai South Africa and New York have beenaudited by the respective local auditors.

2. In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of the reports of the branch auditors asreferred to in paragraph 16 below the aforesaid standalone financial statements give theinformation required by the Banking Regulation Act 1949 as well as the Companies Act2013 (‘Act') and circulars and guidelines issued by the Reserve Bank of India(‘RBI') in the manner so required for banking companies and give a true and fairview in conformity with the accounting principles generally accepted in India includingthe Accounting Standards prescribed under section 133 of the Act read with rule 7 of theCompanies (Accounts) Rules 2014 (as amended) of the state of affairs of the Bank as at31 March 2020 and its profit and its cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Bank in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI')together with the ethical requirements that are relevant to our audit of the financialstatements under the provisions of the Act and the rules thereunder and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained and that obtained by thebranch auditors in terms of their reports referred to in paragraph 16 of the Other Mattersection below is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to Schedule 18.57 of the accompanying standalone financialstatements which describes the uncertainties due to the outbreak of SARS-CoV-2 virus(COVID-19). In view of these uncertainties the impact on the Bank's results issignificantly dependent on future developments.

Our opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that in our professional judgment and based onthe consideration of the reports of the branch auditors as referred to in paragraph 16below were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

6. We have determined the matters described below to be the key audit matters to becommunicated in our report.

a. Information Technology (‘IT') systems and controls impacting financialreporting

Key Audit Matter How our audit addressed the key audit matter
The IT environment of the Bank is complex and involves a large number of independent and inter- dependent IT systems used in the operations of the Bank for processing and recording a large volume of transactions at numerous locations. As a result there is a high degree of reliance and dependency on such IT systems for the financial reporting process of the Bank. In assessing the integrity of the IT systems relevant for financial reporting we involved our IT experts to obtain an understanding of the IT infrastructure and IT systems relevant to the Bank's financial reporting process for evaluation and testing of relevant IT general controls and IT application controls.
Appropriate IT general controls and application controls are required to ensure that such IT systems are able to process the data as required completely accurately and consistently for reliable financial reporting. Access rights were tested over applications operating systems networks and databases which are relied upon for financial reporting. We also assessed the operating effectiveness of controls over granting removal and periodical review of access rights.
The accuracy and reliability of the financial reporting process depends on the IT systems and the related control environment including: We further tested segregation of duties including preventive controls to ensure that access to change applications the operating system or databases in the production environment were granted only to authorized personnel.
• IT general controls over user access management and change management across applications networks database and operating systems; Other areas that were assessed under the IT control environment included password policies security configurations business continuity and controls around change management.
IT application controls.
Due to the importance of the impact of the IT systems and related control environment on the Bank's financial reporting process we have identified testing of such IT systems and related control environment as a key audit matter for the current year audit. We also evaluated the design and tested the operating effectiveness of key automated controls within various business processes. This included testing the integrity of system interfaces the completeness and accuracy of data feeds system reconciliation controls and automated calculations.
Where deficiencies were identified we tested compensating controls or performed alternate procedures.

b. Identification and provisioning for non-performing assets (‘NPAs')

As at 31 March 2020 the Bank reported total loans and advances (net of provisions) ofRs. 6452900 million (2019: 5866466 million) gross NPAs of Rs. 408291 million (2019:Rs. 456760 million) and provision for non-performing assets of Rs. 309058 million(2019: Rs. 322263 million). The provision coverage ratio as at 31 March 2020 is 75.7%(2019: 70.6%). Further the Bank has made COVID-19 related provisions of Rs. 27250million.

(Refer schedules 9 17.3 18.16 18.19 and 18.26)

Key Audit Matter How our audit addressed the key audit matter
The identification of NPAs and provisioning for advances is made in accordance with the extant RBI regulations or host country regulations in the case of international branches. Based on our risk assessment the following are significant in assessment of the NPA provisions: We understood the process and controls and tested the design and operating effectiveness of key controls including IT based controls focusing on the following:
Identification and classification of NPAs in line with RBI IRAC norms and certain qualitative aspects;
Recognition of defaults in accordance with the criteria set out in the RBI Prudential norms on Income Recognition Asset Classification and Provisioning pertaining to Advances (IRAC norms) or in accordance with the host country regulations as applicable. Further the Bank is also required to apply its judgement to determine the identification of NPAs by applying certain qualitative aspects; Periodic internal reviews of asset quality;
Assessment of adequacy of NPA provisions; and
Periodic valuation of collateral for NPAs.
To test the identification of loans with default events and other triggers we selected a sample of performing loans and independently assessed as to whether there was a need to classify such loans as NPAs.
• The measurement of provision under RBI guidelines is dependent on the ageing of overdue balances secured / unsecured status of advances stress and liquidity concerns in certain sectors and valuation of collateral. The provision on NPAs at certain overseas branches requires estimation of amounts and timing of expected future cash flows and exit values. With respect to provisions recognised towards NPAs we selected samples based on high risk industry sectors identified by the Bank such as shipping rigs power mining and oil and gas exploration. For the samples selected we re-performed the provision calculations including valuation of collaterals and compared our outcome to that prepared by the management and challenged various assumptions and judgements which were used by the management. We also held discussions with the management of the Bank on high risk industry sectors and measures taken by the management to monitor to such assets.
Due to the ongoing COVID 19 pandemic during our audit we have also identified implementation of the COVID 19 Regulatory Package- Asset Classification and Provisioning (‘Regulatory Package') announced by the RBI on 17 April 2020 as key in measurement of provisions for advances. We read the RBI Annual Financial Inspection report for the financial year ended 31 March 2019 and other communication with the regulators. With respect to those borrowers to whom a moratorium was granted in accordance with the Regulatory Package on a sample basis we tested that such moratorium was granted in accordance with the board approved policy. We re-performed the calculations for the additional general provision made in accordance with the requirements of the Regulatory Package including the asset classification.
Considering the significance of the above matter to the financial statements the heightened regulatory inspections and significant auditor attention required we have identified this as a key audit matter for the current year audit. We assessed the appropriateness and adequacy of disclosures against the relevant accounting standards and RBI requirements relating to NPAs including the additional disclosures required to be made in accordance with the Regulatory Package.

c. Provisions for litigation and taxation and contingent liabilities

As at 31 March 2020 the Bank has reported the following:

Included under contingent liabilities

Particulars
At 31.03.2020 At 31.03.2019
Legal cases 3300 1096
Taxes 59940 53914
Total claims against the Bank not acknowledged as debts 63240 55010

(Refer schedules 12 and 18.38)

Key Audit Matter How our audit addressed the key audit matter
As at 31 March 2020 the Bank has ongoing legal and tax cases with varied degrees of complexities. This indicates that a significant degree of management judgement is involved in determining the appropriateness of provisions and related disclosures. Our audit procedures included but were not limited to the following:
We understood the Bank's processes and controls over the estimation monitoring and disclosure of provisions and contingent liabilities.
Significant management judgement is needed in determining whether an obligation exists and whether a provision should be recognised as at the reporting date in accordance with the accounting criteria set under Accounting Standard 29 - Provisions Contingent For significant legal matters we sought external confirmations and also reviewed the confirmations obtained by the management from external legal counsels and corroborated with management's documented conclusions on the assessment of outstanding litigations against the Bank.
Liabilities and Contingent Assets (‘AS 29') or whether it needs to be disclosed as a contingent liability. Further significant judgements are also involved in measuring such obligations the most significant of which are:
• Assessment of liability: Judgement is involved in the determination of whether an outflow in respect of identified material matters are probable and can be estimated reliably; In respect of taxation matters we involved our tax specialists to gain an understanding of the current status of the outstanding tax litigations including understanding of various orders / notices received by the Bank and the management's grounds of appeals before the relevant appellate authorities and critically evaluated the management's assessment of the likelihood of the liability devolving upon the Bank in accordance with the principles of AS 29.
Adequacy of provisions: The appropriateness of assumptions and judgements used in the estimation of significant provisions; and For the significant provisions made we understood assessed and challenged the adequacy of provisions recognised by the management. We also reviewed the historical accuracy of the provisions recognised to determine the efficacy of the process of estimation by the management.
Adequacy of disclosures of provision for liabilities and charges and contingent liabilities. Considering the significance of the above matter to the financial statements and significant auditor attention required to test such estimates we have identified this as a key audit matter for the current year audit. Further we assessed whether the disclosures related to significant litigation and taxation matters were appropriate and adequate in terms of whether the potential liabilities and the significant uncertainties were fairly presented.

d. Valuation of derivatives

Particulars Included under At 31.03.2020 At 31.03.2019
Notional value of derivatives Contingent liabilities 23649552 17566162

(Refer schedule 12 and 18.13)

Key Audit Matter How our audit addressed the key audit matter
Derivatives are valued through models with external inputs. The derivatives portfolio of the Bank primarily includes transactions which are carried out on behalf of its clients (and are covered on a back-to-back basis) and transactions to hedge the Bank's interest and foreign currency risk. Our audit procedures included but were not limited to the following:
We included our valuation experts as a part of our audit team to obtain an understanding evaluate the design and test the operating effectiveness of the key controls over the valuation processes including:
A significant degree of management judgement is involved in the application of valuation techniques through which the valuation of the Bank's derivatives is determined. The financial statement risk arises particularly with respect to complex valuation models parameters and inputs that are used in determining fair values. independent price verification performed by a management expert; and
model governance and validation.
Considering the significance of the above matter to the financial statements significant management estimates and judgements and auditor attention required to test such estimates and judgements we have identified this as a key audit matter for the current year audit. On a sample basis our valuation experts performed an independent reassessment of the valuation of derivatives to ensure compliance with the relevant RBI regulations reasonableness of the valuation methodology and the inputs used.
We also challenged the appropriateness of significant models and methodologies used in valuation.

Information other than the Standalone Financial Statements and Auditor's Report thereon

7. The Bank's Board of Directors are responsible for the other information. The otherinformation comprises the information included in the Management's Discussion andAnalysis Directors' Report including annexures to the Directors' Report but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

8. The Bank's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Bank in accordance with the accounting principles generally accepted inIndia including the Accounting Standards prescribed under section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules 2014 (as amended) and provisions of section29 of the Banking Regulation Act 1949 and circulars and guidelines issued by RBI fromtime to time. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets ofthe Bank and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial 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.

9. In preparing the standalone financial statements management is responsible forassessing the Bank's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Bank or to cease operations or has norealistic alternative but to do so.

10. The Board of Directors is also responsible for overseeing the Banks's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with Standards on Auditing will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

12. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for explaining our opinion on whether the Bank hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Bank'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Bank to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

14. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matters

16. We did not audit the financial statements of 3 international branches included inthe standalone financial statements of the Bank whose financial statements reflects totalassets of Rs. 518398 million as at 31 March 2020 and total revenue total net loss aftertax and net cash outflows of Rs. 19506 million Rs. 10963 million and Rs. 107472million respectively for the year ended on that date as considered in the standalonefinancial statements. The financial statements of these branches have been audited by thebranch auditors whose reports have been furnished to us by the management and ouropinion on the standalone financial statements in so far as it relates to the amounts anddisclosures included in respect of branches is based solely on the reports of such branchauditoRs. Our opinion on the standalone financial statements is not modified in respect ofthe above matter.

Report on Other Legal and Regulatory Requirements

17. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith the provisions of section 29 of the Banking Regulation Act 1949 and section 133 ofthe Act read with rule 7 of the Companies (Rules) 2014 (as amended).

18. As required by sub-section (3) of section 30 of the Banking Regulation Act 1949based on our audit and on the consideration of the reports of the branch auditors asreferred to in paragraph 16 above we report 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 system 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 122 branches to examine therecords maintained at such branches for the purpose of our audit. 19. With respect to thematter to be included in the Auditor's Report under section 197(16) of the Act we reportthat since the Bank is a banking company as defined under Banking Regulation Act 1949the reporting under section 197(16) in relation to whether the remuneration paid by theBank is in accordance with the provisions of section 197 of the Act and whether any excessremuneration has been paid in accordance with the aforesaid section is not applicable.

20. Further as required by section 143 (3) of the Act based on our audit and on theconsideration of the reports of the branch auditors as referred to in paragraph 16 abovewe report to the extent applicable 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 returnsadequate for the purposes of our audit have been received from the international branchesnot audited by us;

c) the reports on the accounts of the international branches of the Bank audited undersection 143(8) of the Act by the branch auditors of the Bank have been sent to usand have been properly dealt with by us in preparing this report;

d) the standalone financial statements dealt with by this report are in agreement withthe books of account and with the returns received from the international branches notaudited by us;

e) in our opinion the aforesaid standalone financial statements comply with AccountingStandards prescribed under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014 (as amended) to the extent they are not inconsistent with theaccounting policies prescribed by RBI;

f) on the basis of the written representations received from the directors as on 31March 2020 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of section164(2) of the Act;

g) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Bank as on 31 March 2020 in conjunction with our audit of the standalonefinancial statements of the Bank for the year ended on that date and our report dated 09May 2020 as per Annexure A expressed an unmodified opinion;

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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. the Bank as detailed in schedules 12 and 18.42 to the standalone financialstatements has disclosed the impact of pending litigations on its financial position asat 31 March 2020;

ii.the Bank as detailed in schedule 18.42 to the standalone financial statements hasmade provisions as at 31 March 2020 as required under the applicable law or AccountingStandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

iii. there has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Bank during the year ended 31 March 2020;

iv.

the disclosure requirements relating to holdings as well as dealings in specified banknotes were applicable for the period from 8 November 2016 to 30 December 2016 which arenot relevant to these standalone financial statements. Hence reporting under this clauseis not applicable.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Sudhir N. Pillai
Partner
Membership No.: 105782
UDIN: 20105782AAAACK4014
Place: Mumbai
Date: 09 May 2020

ANNEXURE A to the Independent Auditor's Report of even date to the members of ICICIBank Limited on the standalone financial statements for the year ended 31 March 2020

Independent Auditor's Report on the internal financial controls with reference to thestandalone financial statements under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 (‘the Act')

1. In conjunction with our audit of the standalone financial statements of ICICI BankLimited (‘the Bank') as at and for the year ended 31 March 2020 we have audited theinternal financial controls with reference to financial statements of the Bank as at thatdate.

Management's Responsibility for Internal Financial Controls

2. The Bank's Management is responsible for establishing and maintaining internalfinancial controls based on the internal financial controls with reference to financialstatements criteria established by the Bank considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of the Bank's business including adherence to the Bank's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility for the Audit of the Internal Financial Controls withReference to Financial Statements

3. Our responsibility is to express an opinion on the Bank's internal financialcontrols with reference to financial statements based on our audit. We conducted ouraudit in accordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India (‘ICAI') and deemed to be prescribed under Section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls withreference to financial statements and the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (‘the Guidance Note') issued by the ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls with reference to financial statements were established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements includes obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Bank's internal financial controls withreference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

6. An enitity's internal financial controls with reference to financial statements 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. An entity's internal financial controlswith reference to financial statements include those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the entity; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the entity are being made only in accordance withauthorisations of management and directors of the entity; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the entity's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls with Reference to FinancialStatements

7. Owing to the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

8. In our opinion the Bank has in all material respects adequate internal financialcontrols with reference to financial statements and such controls were operatingeffectively as at 31 March 2020 based on the internal financial controls with referenceto financial statements criteria established by the Bank considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the ICAI.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Sudhir N. Pillai
Partner
Membership No.: 105782
UDIN: 20105782AAAACK4014
Place: Mumbai
Date: 09 May 2020

   

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