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Annexure A to the Independent Auditors’ Report

on the Consolidated Financial Statements of Tata

Chemicals Limited for the Year ended March 31 2020

Report on the Internal Financial Controls with and detection of frauds and errors, the accuracy and completeness
Reference to the Aforesaid Consolidated Financial of the accounting records, and the timely preparation of reliable
Statements under Clause (i) of Sub-Section 3 of financial information, as required under the Companies act, 2013
Section 143 of the Companies Act, 2013 (hereinafter referred to as “the act”).
(referred to in paragraph a (f) under ‘report on other legal and Auditors’ Responsibility
regulatory requirements’ section of our report of even date)
our responsibility is to express an opinion on the internal financial
Opinion controls with reference to Consolidated Financial Statements
We have audited the internal financial controls with reference based on our audit. We conducted our audit in accordance with the
to Consolidated Financial Statements of tata Chemicals limited guidance note and the Standards on auditing, prescribed under
(hereinafter referred to as “the Holding Company”) and such Section 143(10) of the act, to the extent applicable to an audit of
companies incorporated in India under the Companies act, internal financial controls with reference to Consolidated Financial
2013 which are its subsidiary companies as of March 31 2020 Statements. those Standards and the guidance note require that
in conjunction with our audit of the Consolidated Financial we comply with ethical requirements and plan and perform the
Statements of the Holding Company for the year ended on that audit to obtain reasonable assurance about whether adequate
date. internal financial controls with reference to Consolidated Financial
Statements were established and maintained and whether such
controls operated effectively in all material respects.
In our opinion, the Holding Company and such companies
incorporated in India which are its subsidiary companies have,
in all material respects, adequate internal financial controls with our audit involves performing procedures to obtain audit
reference to Consolidated Financial Statements and such internal evidence about the adequacy of the internal financial controls
financial controls were operating effectively as at March 31 with reference to Consolidated Financial Statements and their
2020, based on the internal financial controls with reference to operating effectiveness. our audit of internal financial controls
Consolidated Financial Statements criteria established by such with reference to Consolidated Financial Statements included
companies considering the essential components of internal obtaining an understanding of such internal financial controls,
control stated in the guidance note on audit of Internal Financial assessing the risk that a material weakness exists, and testing
Controls over Financial reporting issued by the Institute of and evaluating the design and operating effectiveness of internal
Chartered accountants of India (the “guidance note”). control based on the assessed risk. the procedures selected
depend on the auditor’s judgment, including the assessment of
Management’s Responsibility for Internal the risks of material misstatement of the Consolidated Financial
Statements, whether due to fraud or error.
Financial Controls
the respective Company’s management and the Board of directors We believe that the audit evidence we have obtained, is sufficient
of the Holding Company and its subsidiary companies which are and appropriate to provide a basis for our audit opinion on the
companies incorporated in India, are responsible for establishing internal financial controls with reference to Consolidated Financial
and maintaining internal financial controls based on the internal Statements.
financial controls with reference to Consolidated Financial
Statements criteria established by the respective companies Meaning of Internal Financial controls with
considering the essential components of internal control stated Reference to Consolidated Financial Statements
in the guidance note. these responsibilities include the design, a company’s internal financial controls with reference to
implementation and maintenance of adequate internal financial Consolidated Financial Statements is a process designed to provide
controls that were operating effectively for ensuring the orderly and reasonable assurance regarding the reliability of financial reporting
efficient conduct of its business, including adherence to respective and the preparation of Consolidated Financial Statements for
company’s policies, the safeguarding of its assets, the prevention external purposes in accordance with generally accepted accounting

242 I Integrated annual report 2019-20