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Axis Bank Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 323209.82 Cr. P/BV 2.49 Book Value (Rs.) 420.50
52 Week High/Low (Rs.) 1152/826 FV/ML 2/1 P/E(X) 29.88
Bookclosure 07/07/2023 EPS (Rs.) 35.05 Div Yield (%) 0.10
Year End :2023-03 

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the Standalone Financial Statements of Axis Bank Limited ('the Bank'), which comprises the Balance Sheet as at March 31, 2023, the Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as 'Standalone Financial Statements').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by Section 29 of the Banking Regulation Act, 1949 as well as the Companies Act, 2013 ('the Act') and circulars and guidelines issued by the Reserve Bank of India, in the manner so required for banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, read with rules made thereunder, of the state of affairs of the Bank as at March 31, 2023, and its profit, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under Section 143 (10) of the Act. Our responsibilities under those SAs are further described in the Auditors' Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Bank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the current year. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters prescribed below to be the key audit matters:

Sr. No. Key Audit Matters

How the Matter was addressed in our report

1 Acquisition of Citibank's India Consumer Business

Refer Note No. 1 of Schedule 18 relating to acquisition of the

Our

approach included understanding the structure of the

consumer business of Citibank N.A. (CBNA) and Citicorp Finance

acquisition, determining the nature, timing and extent of audit

(India) Ltd (CFIL) as going concerns without assigning values to individual assets and liabilities with effect from beginning of

procedures, and conducting the same.

March 01, 2023 (Legal Day One/LD1) by the Bank.

We have performed following audit procedures for verification of

The Assets and Liabilities are recognized in the books of the

the accounting of acquisition of Citibank’s India Consumer Business:

Bank on LD1. The initial purchase consideration was determined and recognized based on the position of business assets and business liabilities acquired as at end of day January 31, 2023. Subsequently, on best estimate of the position of business assets and business liabilities acquired as at beginning of day

Review of the Business Transfer Agreements, Transitional Services Agreement, regulatory approvals and other related documents to obtain an understanding of the structure and

1 March, 2023 the purchase consideration was trued up to

terms of the acquisition.

record a further payable to CBNA at March 31, 2023. These amounts are subject to review of the final closing statement in

Verification of the preliminary closing statement prepared

FY 2023-24, which will also be verified by an independent

by Citibank India for transfer of assets and liabilities based

practitioner.

on the position of January 31, 2023 on LD1, best estimates

Based on the report of an independent valuer, the estimated adjusted purchase price of Rs 11,949.08 crores is attributed to various intangible business and commercial rights such

position as on March 1, 2023 as prepared by the Bank’s Management and subsequent integration post LD1.

as Customer Relationship (including contracts), Co-branding

Verification of the integration of Citibank’s India Consumer

arrangements, Business processes/ information, Non-compete

Business accounting records into the financial reporting

rights (collectively “Intangibles”) and goodwill. The purchase price allocation between various intangible assets and goodwill

system of the Bank including verification of the general

involves a significant amount of judgement by the valuer and the

ledgers mapping between Citibank’s India Consumer

Management. The Bank has continued use of the intangible assets

Business and Axis Bank trial balances, and the process of

for the business purposes. The Bank, as a prudent measure and to protect its ability to pay dividends, has fully amortised these intangible assets and goodwill in the Profit and Loss account for the year.

opening new control accounts.

Sr. No. Key Audit Matters

How the Matter was addressed in our report

The value of the purchase consideration, other intangible assets, goodwill and the amounts payable to CBNA are subject to changes based on the final closing statement which is subject to verification by a jointly appointed independent practitioner and independent review by the Bank and CBNA.

Though the Bank has continued use of the intangible assets for business purposes, as a prudent measure, the depreciation on such intangibles fully amortized through the Profit & Loss Account is not considered for tax purpose in the books.

As per the Business Transfer Agreements executed with CBNA and CFIL, till final migration, the Bank will rely on the Information Technology systems of CBNA/CFIL and data residing therein.

The accounting of the acquisition has been determined as key audit matter due to the following:

• Materiality and complexities of the said transaction including the estimations involved in recognising the assets and liabilities acquired.

• Assumptions, estimates and judgements used by the Bank and the independent valuer for the purchase price allocation at the time of initial recognition and true-up based on estimated position as on March 01, 2023.

• Changes expected, if any, based on the verification of final closing statement by the Bank, CBNA and independent practitioner.

• Reliance placed by the Bank on IT system and internal controls at CBNA/CFIL during the transition period.

Evaluation of the fair value of the assets acquired along with the valuation methodology and key assumptions applied. We also evaluated the reasonableness of key assumptions and estimates used in the valuation based on our knowledge of the business and industry.

Verification of the accounting treatment for other intangible assets and goodwill and tax impact arising out of the allocation of the purchase consideration based on the valuation report accepted by the Management of the Bank.

Understanding and testing the process of resulting accounting effect on various areas such as alignment of accounting estimates and policies, NPA identification, classification and provisioning, employee benefits, operating expenses, taxation and related disclosures.

Assessment of the internal controls in relation to financial reporting for the accounting and reporting on the said acquired consumer business and reviewing the Bank’s disclosures on the same.

Evaluation of testing carried out by the Management on existence and operating efficiency of internal control at Citibank India Consumer Business.

Evaluation of Management’s assessment on treatment of amortisation of intangible assets and goodwill for taxation purposes.

2 Information Technology (IT) Systems and controls over financial reporting

The Bank’s financial accounting and reporting systems •

We have planned, designed and carried out the desired audit

are highly dependent on the effective working of the Core

procedures and sample checks, taking into consideration

Banking Solution (CBS) and other IT systems linked to the

the IT systems of the Bank. For this purpose, we obtained an

CBS or working independently. Considering the extensive volume, diverse nature and complexity of transactions that

understanding of the Bank’s IT environment. As part of our IT

are processed daily, there is a risk that automated accounting

controls testing, we have tested IT General Controls (ITGC) as

procedures and related internal controls may not be accurately

well as IT Automated Controls (ITAC) for select applications.

designed and operating effectively. There exists a risk that gaps in the IT control environment could result in the financial

The procedures adopted by us are, in our opinion, adequate to

accounting and reporting records being materially misstated.

provide reasonable assurance on the adequacy of IT controls

Appropriate IT controls are required to ensure that the IT

in place. Critical areas for improvement, if any, as and when

applications perform as planned and the changes made are

noticed are communicated to the Bank’s Management and

properly authorized, tested and controlled. Such controls

the adequacy of action taken by the Bank where necessary, is

contribute to risk mitigation of erroneous output data. The audit outcome is heavily dependent on the robustness of IT

reviewed by us periodically as part of our audit procedures.

systems and controls. • We have identified IT Controls Framework as a Key Audit Matter as the Bank’s business is highly dependent on technology. The IT environment of the Bank is complex and the design and operating effectiveness of IT controls have a direct impact on its financial reporting process. Review of these controls allows us to provide assurance on the integrity and completeness of data processed through various IT applications which are used for the preparation and presentation of financial reports.

IT audit specialists are an integral part of our engagement team.

Sr. No.

Key Audit Matters

How the Matter was addressed in our report

2

Information Technology (IT) Systems and controls over financial reporting

In addition, we have also relied on IS audit conducted by Internal Audit department, and also the audit of Internal Financial Control over Financial Reporting conducted by Operations Health and Control Team of the Bank.

We also tested key automated and manual business cycle controls and logic for system generated reports relevant to the audit; including testing of compensating controls or performed alternate procedures to assess whether there were any unaddressed IT risks that would materially impact the Standalone Financial Statements.

We have also carried out independent alternative audit procedures like substantive testing, analytical procedures etc. to verify the accuracy of the data generated from the IT system.

3

Income Recognition, Asset Classification (IRAC) and provisioning

on Loans & Advances and Investments as per the regulatory

requirements

Please refer to Note no. 3.4 (a) of Schedule 18 relating to Asset

Our

audit approach included testing the design, operating

Quality in respect of movement of Non-Performing Assets

effectiveness of internal controls and substantive audit procedures

(NPAs) and related provisions and disclosures with regard to

in respect of income recognition, asset classification and provisioning

Non Performing Investments (NPI) respectively as also Note

pertaining to advances and investments. In particular:

no. 2 of Schedule 18 regarding the provisions made due to the potential impact of Covid-19 pandemic.

We have evaluated and understood the Bank’s internal control system in adhering to the relevant RBI guidelines regarding

The Management of the Bank relies on its automated IT

income recognition, asset classification and provisioning

systems to determine asset classification, income recognition,

pertaining to advances and investments;

provisioning for standard and non-performing advances/ investments and for compliance of applicable regulatory guidelines issued by the RBI. The Management supplements its assessment by availing services of experts (like independent valuers, lawyers, legal experts and other professionals) to determine the valuation and enforceability of security of such advances/investments.

We have tested key IT systems/ applications used and their design and implementation as well as operational effectiveness of relevant controls, including involvement of manual process and manual controls in relation to income recognition, asset classification, provisioning pertaining to advances and investments and compliances of other regulatory guidelines issued by the RBI;

The Bank makes provisions for the performing and nonperforming advances/investments, as per its governing framework which includes Management’s assessment of the degree of impairment subject to and guided by minimum provisioning levels prescribed under RBI guidelines.

We have test checked advances to examine the validity of the recorded amounts, loan documentation, examined the statement of accounts, indicators of impairment, impairment provision for non-performing assets, and compliance with income recognition, asset classification and provisioning

Compliance of relevant prudential norms issued by the Reserve Bank of India (RBI) in respect of income recognition, asset classification and provisioning pertaining to advances as well as those pertaining to investments is a key audit matter due to materiality, complexity and uncertainty involved and the current processes at the Bank which requires certain

pertaining to advances in terms of applicable RBI guidelines;

We have evaluated the past trends of Management judgement, governance process and review controls over impairment provision calculations and discussed the provisions made with the top and senior management of the Bank.

manual interventions, Management estimates and judgement.

We have also relied on work done by external experts like valuers, lawyers, concurrent auditors etc. on specific areas.

Critical areas for improvement, if any, as and when noticed are communicated to the Bank’s Management and the adequacy of action taken by the Bank where necessary, is reviewed by us periodically as part of our audit procedures.

Information other than the Standalone Financial Statements and Auditors’ Report thereon

The Bank's Management and Board of Directors are responsible for the Other Information. The other information comprises the information included in the Annual Report but does not include the Standalone Financial Statements, consolidated financial statements and our auditors' report thereon and the Pillar III Disclosures under Basel III Capital Regulation, Leverage Ratio, Liquidity Coverage Ratio and Net Stable Funding Ratio. The other information is expected to be made available to us after the date of this auditors' report.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the Other Information identified above when it becomes available and, in doing so, consider whether the Other Information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Other Information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Bank's Board of Directors and Management are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the state of affairs, profit and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, provisions of Section 29 of the Banking Regulation Act, 1949 and the circulars and guidelines issued by Reserve Bank of India ('RBI') from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Bank 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 design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Management and Board of Directors are responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management and Board of Directors either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Bank's financial reporting process.

Auditors’ Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Bank has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Standalone Financial Statements made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that 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 in our auditors' report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause a Bank to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

The standalone balance sheet and the standalone profit and loss account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 and Section 133 of the Act.

A. As required by 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 95 branches (including credit units) to examine the records maintained at such branches for the purpose of our audit.

B. 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 best of our knowledge and belief were necessary for the purposes of our audit of the Standalone Financial Statements;

(b) in our opinion, proper books of account as required by law relating to preparation of the aforesaid Standalone Financial Statements have been kept by the Bank so far as it appears from our examination of those books;

(c) the standalone balance sheet, the standalone profit and loss account, and the standalone cash flow statement dealt with by this Report are in agreement with the relevant books of accounts maintained for the purpose of preparation of the Standalone Financial Statements;

(d) in our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with relevant rules issued thereunder, to the extent they are not inconsistent with the accounting policies prescribed by RBI;

(e) on the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) with respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Bank and the operating effectiveness of such controls, refer to our separate Report in 'Annexure A'.

C. With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. the Bank has disclosed the impact of pending litigations as at March 31, 2023 on its financial position in its Standalone Financial Statements - Refer Schedule 12 - Contingent Liabilities to the Standalone Financial Statements;

ii. the Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Schedule 5 read with Note No. 4.14 of Schedule 18 to the Standalone Financial Statements in respect of such items as it relates to the Bank;

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Bank;

iv. a. the Management has represented that, to the best of its knowledge and belief, other than as disclosed in

the Note No. 4.13 of Schedule 18 to the Standalone Financial Statements, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Bank to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Bank ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b. further, the Management has represented that, to the best of its knowledge and belief, other than as disclosed in the Note No. 4.13 of Schedule 18 to the Standalone Financial Statements, no funds (which are material either individually or in the aggregate) have been received by the Bank from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Bank shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

c. based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) above contain any material misstatement.

v. a. the final dividend paid by the Bank during the year in respect of the same declared for the previous year is

in accordance with Section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.

b. as stated in Note no 4.3 of Schedule 18 to the Standalone Financial Statements, the Board of Directors of the Bank has proposed final dividend for the financial year 2022-2023 which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section 123 of the Companies Act.

vi. as proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Bank with effect from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 on using accounting software which has a feature of recording audit trail (edit log) facility is not applicable.

D. With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act:

The Bank is a banking company as defined under Banking Regulation Act, 1949. Accordingly, the requirements

prescribed under Section 197 of the Companies Act, 2013 do not apply by virtue of Section 35B(2A) of the Banking

Regulation Act, 1949.

For M. P. Chitale & Co. For CNK & Associates LLP

Chartered Accountants Chartered Accountants

ICAI FRN 101851W ICAI FRN 101961W/W100036

Ashutosh Pednekar Manish Sampat

Partner Partner

ICAI M. No. 041037 ICAI M. No. 101684

UDIN: 23041037BGPVNO4178 UDIN: 23101684BGWNCD8422

Place: Mumbai Place: Mumbai

Date: April 27, 2023 Date: April 27, 2023


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