Page 153 - Tata_Chemicals_yearly-reports-2020-2021

Integrated Report Statutory Reports Financial Statements
1-59 60-146 Standalone

to the preparation and presentation of the Standalone Financial disclosures in the Standalone Financial Statements made by
Statements that give a true and fair view and are free from material the Management and Board of Directors.
misstatement, whether due to fraud or error. • Conclude on the appropriateness of the Management’s

In preparing the Standalone Financial Statements, management and Board of Directors use of the going concern basis of
and Board of Directors are responsible for assessing the Company’s accounting and, based on the audit evidence obtained,
ability to continue as a going concern, disclosing, as applicable, whether a material uncertainty exists related to events or
matters related to going concern and using the going concern conditions that may cast significant doubt on the Company’s
basis of accounting unless management either intends to liquidate ability to continue as a going concern. If we conclude
the Company or to cease operations, or has no realistic alternative that a material uncertainty exists, we are required to draw
but to do so. attention in our auditor’s report to the related disclosures in
the Standalone Financial Statements or, if such disclosures
The Board of Directors is also responsible for overseeing the are inadequate, to modify our opinion. Our conclusions are
Company’s financial reporting process. based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
Auditor’s Responsibilities for the Audit of the cause the Company to cease to continue as a going concern.
Standalone Financial Statements
• Evaluate the overall presentation, structure and content of the
Our objectives are to obtain reasonable assurance about whether Standalone Financial Statements, including the disclosures,
the Standalone Financial Statements as a whole are free from and whether the Standalone Financial Statements represent
material misstatement, whether due to fraud or error, and to the underlying transactions and events in a manner that
issue an auditor’s report that includes our opinion. Reasonable achieves fair presentation.
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a We communicate with those charged with governance regarding,
material misstatement when it exists. Misstatements can arise among other matters, the planned scope and timing of the audit
from fraud or error and are considered material if, individually or and significant audit findings, including any significant deficiencies
in the aggregate, they could reasonably be expected to influence in internal control that we identify during our audit.
the economic decisions of users taken on the basis of these We also provide those charged with governance with a statement
Standalone Financial Statements.
that we have complied with relevant ethical requirements
As part of an audit in accordance with SAs, we exercise professional regarding independence, and to communicate with them all
judgment and maintain professional skepticism throughout the relationships and other matters that may reasonably be thought
audit. We also: to bear on our independence, and where applicable, related
safeguards.
• Identify and assess the risks of material misstatement of the
Standalone Financial Statements, whether due to fraud or From the matters communicated with those charged with
error, design and perform audit procedures responsive to governance, we determine those matters that were of most
those risks, and obtain audit evidence that is sufficient and significance in the audit of the Standalone Financial Statements
appropriate to provide a basis for our opinion. The risk of not of the current period and are therefore the key audit matters.
detecting a material misstatement resulting from fraud is We describe these matters in our auditors’ report unless law or
higher than for one resulting from error, as fraud may involve regulation precludes public disclosure about the matter or when,
collusion, forgery, intentional omissions, misrepresentations, in extremely rare circumstances, we determine that a matter
or the override of internal control. should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
• Obtain an understanding of internal control relevant to the outweigh the public interest benefits of such communication.
audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we Report on Other Legal and Regulatory
are also responsible for expressing our opinion on whether Requirements
the Company has adequate internal financial controls with 1. As required by the Companies (Auditors’ Report) Order, 2016
reference to Standalone Financial Statements in place and (“the Order”) issued by the Central Government in terms of
the operating effectiveness of such controls.
Section 143 (11) of the Act, we give in the “Annexure A” a
• Evaluate the appropriateness of accounting policies used statement on the matters specified in paragraphs 3 and 4 of
and the reasonableness of accounting estimates and related the Order, to the extent applicable.

151