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Integrated Annual Report 2020-21

Information Other than the Consolidated In preparing the Consolidated Financial Statements, the respective
Financial Statements and Auditors’ Report Management and Board of Directors of the companies included
Thereon in the Group and of its joint ventures are responsible for assessing
The Holding Company’s management and Board of Directors the ability of each company to continue as a going concern,
are responsible for the other information. The other information disclosing, as applicable, matters related to going concern and
comprises the information included in the Holding Company’s using the going concern basis of accounting unless the respective
annual report, but does not include the Consolidated Financial Board of Directors either intends to liquidate the company or to
Statements and our auditors’ report thereon. cease operations, or has no realistic alternative but to do so.

Our opinion on the Consolidated Financial Statements does not The respective Board of Directors of the companies included in
cover the other information and we do not express any form of the Group and its joint ventures is responsible for overseeing the
assurance conclusion thereon. financial reporting process of each company.

In connection with our audit of the Consolidated Financial Auditor’s Responsibilities for the Audit of the
Statements, our responsibility is to read the other information and, Consolidated Financial Statements
in doing so, consider whether the other information is materially Our objectives are to obtain reasonable assurance about whether
inconsistent with the Consolidated Financial Statements or our the Consolidated Financial Statements as a whole are free from
knowledge obtained in the audit or otherwise appears to be material misstatement, whether due to fraud or error, and to
materially misstated. If, based on the work we have performed issue an auditor’s report that includes our opinion. Reasonable
and based on the work done/ audit reports of other auditors, assurance is a high level of assurance, but is not a guarantee that
we conclude that there is a material misstatement of this other an audit conducted in accordance with SAs will always detect a
information, we are required to report that fact. We have nothing material misstatement when it exists. Misstatements can arise
to report in this regard.
from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
Management’s and Board of Directors’ the economic decisions of users taken on the basis of these
Responsibilities for the Consolidated Financial
Statements Consolidated Financial Statements.
The Holding Company’s Management and Board of Directors As part of an audit in accordance with SAs, we exercise professional
are responsible for the preparation and presentation of these judgment and maintain professional skepticism throughout the
Consolidated Financial Statements in terms of the requirements audit. We also:
of the Act that give a true and fair view of the consolidated state Ÿ Identify and assess the risks of material misstatement of the
of affairs, consolidated profit and other comprehensive income, Consolidated Financial Statements, whether due to fraud or
consolidated statement of changes in equity and consolidated cash error, design and perform audit procedures responsive to
flows of the Group including its joint ventures in accordance with those risks, and obtain audit evidence that is sufficient and
the accounting principles generally accepted in India, including appropriate to provide a basis for our opinion. The risk of not
the Indian Accounting Standards (Ind AS) specified under section detecting a material misstatement resulting from fraud is
133 of the Act. The respective Management and Board of Directors higher than for one resulting from error, as fraud may involve
of the companies included in the Group and of its joint ventures collusion, forgery, intentional omissions, misrepresentations,
are responsible for maintenance of adequate accounting records or the override of internal control.
in accordance with the provisions of the Act for safeguarding the Ÿ Obtain an understanding of internal control relevant to the
assets of each company and for preventing and detecting frauds audit in order to design audit procedures that are appropriate
and other irregularities; the selection and application of appropriate in the circumstances. Under section 143(3)(i) of the Act,
accounting policies; making judgments and estimates that are we are also responsible for expressing our opinion on the
reasonable and prudent; and the design, implementation and internal financial controls with reference to the Consolidated
maintenance of adequate internal financial controls, that were Financial Statements and the operating effectiveness of such
operating effectively for ensuring accuracy and completeness of the controls based on our audit.
accounting records, relevant to the preparation and presentation
of the Consolidated Financial Statements that give a true and fair Ÿ Evaluate the appropriateness of accounting policies used
view and are free from material misstatement, whether due to fraud and the reasonableness of accounting estimates and related
or error, which have been used for the purpose of preparation of disclosures made by the Management and Board of Directors.
the Consolidated Financial Statements by the Management and Ÿ Conclude on the appropriateness of Management and Board
Directors of the Holding Company, as aforesaid. of Directors use of the going concern basis of accounting

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