Page 199 - Tata Chemical Annual Report_2022-2023

Integrated Annual Report 2022-23 01-83 84-192 193-365
Integrated Report Statutory Reports Financial Statements
Standalone

selection and application of appropriate accounting policies; appropriate in the circumstances. Under Section 143(3)(i) of in extremely rare circumstances, we determine that a matter the Companies (Audit and Auditors) Rules, 2014, in
making judgments and estimates that are reasonable and the Act, we are also responsible for expressing our opinion should not be communicated in our report because the adverse our opinion and to the best of our information and
prudent; and design, implementation and maintenance of on whether the company has adequate internal financial consequences of doing so would reasonably be expected to according to the explanations given to us:
adequate internal financial controls, that were operating controls with reference to financial statements in place and outweigh the public interest benefits of such communication.
effectively for ensuring the accuracy and completeness of the the operating effectiveness of such controls. a. The Company has disclosed the impact of
accounting records, relevant to the preparation and presentation Report on Other Legal and Regulatory Requirements pending litigations as at March 31, 2023 on its
of the Standalone Financial Statements that give a true and fair • Evaluate the appropriateness of accounting policies used 1. As required by the Companies (Auditor’s Report) Order, financial position in its Standalone Financial
view and are free from material misstatement, whether due to and the reasonableness of accounting estimates and 2020 (“the Order”) issued by the Central Government of Statements - Refer Note 18 and 41.1 to the
fraud or error. related disclosures made by the Management and Board India in terms of Section 143(11) of the Act, we give in Standalone Financial Statements.
of Directors. the “Annexure A” a statement on the matters specified in
In preparing the Standalone Financial Statements, the paragraphs 3 and 4 of the Order, to the extent applicable. b. The Company did not have any long-term
Management and Board of Directors are responsible for assessing • Conclude on the appropriateness of the Management contracts for which there were any material
the Company’s ability to continue as a going concern, disclosing, and Board of Directors use of the going concern basis 2 A. As required by Section 143(3) of the Act, we report that: foreseeable losses. The Company has made
as applicable, matters related to going concern and using the of accounting in preparation of Standalone Financial provision for foreseeable losses on derivative
going concern basis of accounting unless the Board of Directors Statements and, based on the audit evidence obtained, a. We have sought and obtained all the information contracts - refer note 17 and 36.
either intends to liquidate the Company or to cease operations, whether a material uncertainty exists related to events and explanations which to the best of our
or has no realistic alternative but to do so. or conditions that may cast significant doubt on the knowledge and belief were necessary for the c. There has been no delay in transferring amounts
Company’s ability to continue as a going concern. If we purposes of our audit. to the Investor Education and Protection
The Board of Directors is also responsible for overseeing the conclude that a material uncertainty exists, we are required Fund by the Company during the year ended
Company’s financial reporting process.
to draw attention in our auditor’s report to the related b. In our opinion, proper books of account as March 31, 2023 except for ` 0.69 crore due to
Auditor’s Responsibilities for the Audit of the disclosures in the Standalone Financial Statements or, if required by law have been kept by the Company legal dispute with regard to ownership that have
remain unchanged.
Standalone Financial Statements such disclosures are inadequate, to modify our opinion. Our so far as it appears from our examination of
conclusions are based on the audit evidence obtained up those books.
Our objectives are to obtain reasonable assurance about whether to the date of our auditor’s report. However, future events d. (i) The management has represented that,
the Standalone Financial Statements as a whole are free from or conditions may cause the Company to cease to continue c. The Standalone Balance Sheet, the Standalone to the best of their knowledge and
material misstatement, whether due to fraud or error, and to as a going concern. Statement of Profit and Loss (including Other belief, as disclosed in the Note 42(b) to
issue an auditor’s report that includes our opinion. Reasonable Comprehensive Income), the Standalone the Standalone Financial Statements, no
assurance is a high level of assurance, but is not a guarantee that • Evaluate the overall presentation, structure and content Statement of Changes in Equity and the funds have been advanced or loaned or
an audit conducted in accordance with SAs will always detect a of the Standalone Financial Statements, including the Standalone Statement of Cash Flows dealt with invested (either from borrowed funds or
material misstatement when it exists. Misstatements can arise disclosures, and whether the Standalone Financial by this Report are in agreement with the books share premium or any other sources or
from fraud or error and are considered material if, individually or Statements represent the underlying transactions and of account. kind of funds) by the Company to or in
in the aggregate, they could reasonably be expected to influence events in a manner that achieves fair presentation. any other person(s) or entity(ies), including
the economic decisions of users taken on the basis of these d. In our opinion, the aforesaid Standalone foreign entities (“Intermediaries”), with
Standalone Financial Statements. We communicate with those charged with governance regarding, Financial Statements comply with the Ind AS the understanding, whether recorded in
among other matters, the planned scope and timing of the specified under Section 133 of the Act. writing or otherwise, that the Intermediary
As part of an audit in accordance with SAs, we exercise audit and significant audit findings, including any significant shall directly or indirectly lend or invest in
professional judgment and maintain professional skepticism deficiencies in internal control that we identify during our audit. e. On the basis of the written representations other persons or entities identified in any
throughout the audit. We also: received from the directors as on March 31, manner whatsoever by or on behalf of
We also provide those charged with governance with a statement 2023 taken on record by the Board of Directors, the Company (“Ultimate Beneficiaries”) or
• Identify and assess the risks of material misstatement of that we have complied with relevant ethical requirements none of the directors is disqualified as on March provide any guarantee, security or the like
the Standalone Financial Statements, whether due to fraud regarding independence, and to communicate with them 31, 2023 from being appointed as a director in on behalf of the Ultimate Beneficiaries.
or error, design and perform audit procedures responsive all relationships and other matters that may reasonably be terms of Section 164(2) of the Act.
to those risks, and obtain audit evidence that is sufficient thought to bear on our independence, and where applicable, (ii) The management has represented that,
and appropriate to provide a basis for our opinion. The related safeguards. f. With respect to the adequacy of the internal to the best of their knowledge and
risk of not detecting a material misstatement resulting financial controls with reference to financial belief, as disclosed in the Note 42(b) to
from fraud is higher than for one resulting from error, as From the matters communicated with those charged with statements of the Company and the operating the Standalone Financial Statements, no
fraud may involve collusion, forgery, intentional omissions, governance, we determine those matters that were of most effectiveness of such controls, refer to our funds have been received by the Company
misrepresentations, or the override of internal control. significance in the audit of the Standalone Financial Statements separate Report in “Annexure B”. from any person(s) or entity(ies), including
of the current period and are therefore the key audit matters. foreign entities (“Funding Parties”), with
• Obtain an understanding of internal control relevant to We describe these matters in our auditor’s report unless law or B. With respect to the other matters to be included in the understanding, whether recorded in
the audit in order to design audit procedures that are regulation precludes public disclosure about the matter or when, the Auditor’s Report in accordance with Rule 11 of writing or otherwise, that the Company

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