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Integrated Annual Report 2021-22

Annexure B to the Independent Auditors’ report

on the Standalone Financial Statements of Tata

Chemicals Limited for the year ended March 31, 2022

Report on the internal financial controls with Auditors’ Responsibility
reference to the aforesaid Standalone Financial Our responsibility is to express an opinion on the Company’s
Statements under Clause (i) of Sub-section 3 of internal financial controls with reference to Standalone Financial
Section 143 of the Companies Act, 2013 Statements based on our audit. We conducted our audit in
(Referred to in paragraph 2(A) (f) under ‘Report on Other Legal and accordance with the Guidance Note and the Standards on
Regulatory Requirements’ section of our report of even date) Auditing, prescribed under Section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls with
Opinion reference to Standalone Financial Statements. Those Standards
We have audited the internal financial controls with reference to and the Guidance Note require that we comply with ethical
Standalone Financial Statements of Tata Chemicals Limited (“the requirements and plan and perform the audit to obtain reasonable
Company”) as of March 31, 2022 in conjunction with our audit of assurance about whether adequate internal financial controls with
the Standalone Financial Statements of the Company for the year reference to Standalone Financial Statements were established
ended on that date. and maintained and whether such controls operated effectively in
In our opinion, the Company has, in all material respects, adequate all material respects. Our audit involves performing procedures to
internal financial controls with reference to Standalone Financial obtain audit evidence about the adequacy of the internal financial
Statements and such internal financial controls were operating controls with reference to Standalone Financial Statements and
effectively as at March 31, 2022, based on the internal financial their operating effectiveness. Our audit of internal financial controls
controls with reference to Standalone Financial Statements with reference to Standalone Financial Statements included
criteria established by the Company considering the essential obtaining an understanding of such internal financial controls,
components of internal control stated in the Guidance Note on assessing the risk that a material weakness exists, and testing
Audit of Internal Financial Controls Over Financial Reporting issued and evaluating the design and operating effectiveness of internal
by the Institute of Chartered Accountants of India (the “Guidance control based on the assessed risk. The procedures selected
Note”). depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the Standalone Financial
Management’s Responsibility for Internal Statements, whether due to fraud or error.
Financial Controls
We believe that the audit evidence we have obtained is sufficient
The Company’s management and the Board of Directors are and appropriate to provide a basis for our audit opinion on the
responsible for establishing and maintaining internal financial Company’s internal financial controls with reference to Standalone
controls based on the internal financial controls with reference Financial Statements.
to Standalone Financial Statements criteria established by the
Company considering the essential components of internal Meaning of Internal Financial controls with
control stated in the Guidance Note. These responsibilities include Reference to Standalone Financial Statements
the design, implementation and maintenance of adequate internal A company’s internal financial controls with reference to Standalone
financial controls that were operating effectively for ensuring the Financial Statements is a process designed to provide reasonable
orderly and efficient conduct of its business, including adherence assurance regarding the reliability of financial reporting and the
to Company’s policies, the safeguarding of its assets, the prevention preparation of Standalone Financial Statements for external
and detection of frauds and errors, the accuracy and completeness purposes in accordance with generally accepted accounting
of the accounting records, and the timely preparation of reliable principles. A company’s internal financial controls with reference
financial information, as required under the Companies Act, 2013 to Standalone Financial Statements include those policies and
(hereinafter referred to as “the Act”). procedures that (1) pertain to the maintenance of records that, in

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