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Integrated Annual Report 2021-22

Annexure B to the Independent Auditors’ report

on the Consolidated Financial Statements of Tata

Chemicals Limited for the year ended March 31,

2022

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

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