Page 184 - Tata_Chemicals_yearly-reports-2021-22

Integrated Annual Report 2021-22

profit/loss and Other Comprehensive Income, Changes in • Obtain an understanding of internal control relevant to the
Equity and Cash Flows of the Company in accordance with the audit in order to design audit procedures that are appropriate
accounting principles generally accepted in India, including the in the circumstances. Under Section 143(3)(i) of the Act, we
Indian Accounting Standards (Ind AS) specified under Section are also responsible for expressing our opinion on whether
133 of the Act. This responsibility also includes maintenance of the Company has adequate internal financial controls with
adequate accounting records in accordance with the provisions reference to financial statements in place and the operating
of the Act for safeguarding of the assets of the Company and for effectiveness of such controls.
preventing and detecting frauds and other irregularities; selection • Evaluate the appropriateness of accounting policies used
and application of appropriate accounting policies; making and the reasonableness of accounting estimates and related
judgments and estimates that are reasonable and prudent; and disclosures made by the Management and Board of Directors.
design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the • Conclude on the appropriateness of the Management
accuracy and completeness of the accounting records, relevant and Board of Directors use of the going concern basis
to the preparation and presentation of the Standalone Financial of accounting in preparation of Standalone Financial
Statements that give a true and fair view and are free from material Statements and, based on the audit evidence obtained,
misstatement, whether due to fraud or error. whether a material uncertainty exists related to events or
In preparing the Standalone Financial Statements, the Management conditions that may cast significant doubt on the Company’s
and Board of Directors are responsible for assessing the Company’s ability to continue as a going concern. If we conclude
ability to continue as a going concern, disclosing, as applicable, that a material uncertainty exists, we are required to draw
matters related to going concern and using the going concern attention in our auditor’s report to the related disclosures in
basis of accounting unless the Board of Directors either intends to the Standalone Financial Statements or, if such disclosures
liquidate the Company or to cease operations, or has no realistic are inadequate, to modify our opinion. Our conclusions are
alternative but to do so. based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
The Board of Directors is also responsible for overseeing the
Company’s financial reporting process. cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements, including the disclosures,
Standalone Financial Statements and whether the Standalone Financial Statements represent
Our objectives are to obtain reasonable assurance about whether the underlying transactions and events in a manner that
the Standalone Financial Statements as a whole are free from achieves fair presentation.
material misstatement, whether due to fraud or error, and to We communicate with those charged with governance regarding,
issue an auditor’s report that includes our opinion. Reasonable among other matters, the planned scope and timing of the audit
assurance is a high level of assurance, but is not a guarantee that and significant audit findings, including any significant deficiencies
an audit conducted in accordance with SAs will always detect a in internal control that we identify during our audit.
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or We also provide those charged with governance with a statement
in the aggregate, they could reasonably be expected to influence that we have complied with relevant ethical requirements
the economic decisions of users taken on the basis of these regarding independence, and to communicate with them all
Standalone Financial Statements. relationships and other matters that may reasonably be thought
As part of an audit in accordance with SAs, we exercise professional to bear on our independence, and where applicable, related
judgment and maintain professional skepticism throughout the safeguards.
audit. We also: From the matters communicated with those charged with
• Identify and assess the risks of material misstatement of the governance, we determine those matters that were of most
Standalone Financial Statements, whether due to fraud or significance in the audit of the Standalone Financial Statements
error, design and perform audit procedures responsive to of the current period and are therefore the key audit matters.
those risks, and obtain audit evidence that is sufficient and We describe these matters in our auditor’s report unless law or
appropriate to provide a basis for our opinion. The risk of not regulation precludes public disclosure about the matter or when,
detecting a material misstatement resulting from fraud is in extremely rare circumstances, we determine that a matter
higher than for one resulting from error, as fraud may involve should not be communicated in our report because the adverse
collusion, forgery, intentional omissions, misrepresentations, consequences of doing so would reasonably be expected to
or the override of internal control. outweigh the public interest benefits of such communication.

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