Page 207 - Tata Chemical Annual Report_2022-2023

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

Annexure B to the Independent Auditor’s Report on the principles. A company's internal financial controls with reference of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and not
to financial statements include those policies and procedures
Standalone Financial Statements of Tata Chemicals Limited that (1) pertain to the maintenance of records that, in reasonable be detected. Also, projections of any evaluation of the internal
financial controls with reference to financial statements to
detail, accurately and fairly reflect the transactions and
for the year ended March 31, 2023 dispositions of the assets of the company; (2) provide reasonable future periods are subject to the risk that the internal financial
assurance that transactions are recorded as necessary to permit
controls with reference to financial statements may become
preparation of Standalone Financial Statements in accordance inadequate because of changes in conditions, or that the degree
with generally accepted accounting principles, and that receipts of compliance with the policies or procedures may deteriorate.
Report on the internal financial controls with Auditor’s Responsibility and expenditures of the company are being made only in
reference to the aforesaid Standalone Financial Our responsibility is to express an opinion on the Company’s accordance with authorisations of management and directors For B S R & Co. LLP
Statements under Clause (i) of Sub-section 3 of internal financial controls with reference to financial statements of the company; and (3) provide reasonable assurance regarding Chartered Accountants
Section 143 of the Act based on our audit. We conducted our audit in accordance with prevention or timely detection of unauthorised acquisition, use, Firm’s Registration No.:101248W/W-100022
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal the Guidance Note and the Standards on Auditing, prescribed or disposition of the company's assets that could have a material
and Regulatory Requirements’ section of our report of even date) under Section 143(10) of the Act, to the extent applicable to an effect on the Standalone Financial Statements. Vijay Mathur
audit of internal financial controls with reference to financial Partner
Opinion statements. Those Standards and the Guidance Note require that Inherent Limitations of Internal Financial Controls Mumbai, Membership No.: 046476
with Reference to Financial Statements
We have audited the internal financial controls with reference to we comply with ethical requirements and plan and perform the May 3, 2023 ICAI UDIN:23046476BGYAIB8612
financial statements of Tata Chemicals Limited (“the Company”) audit to obtain reasonable assurance about whether adequate Because of the inherent limitations of internal financial controls
as of March 31, 2023 in conjunction with our audit of the internal financial controls with reference to financial statements with reference to financial statements, including the possibility
Standalone Financial Statements of the Company for the year were established and maintained and if such controls operated
ended on that date. effectively in all material respects.

In our opinion, the Company has, in all material respects, adequate Our audit involves performing procedures to obtain audit
internal financial controls with reference to financial statements evidence about the adequacy of the internal financial controls
and such internal financial controls were operating effectively with reference to financial statements and their operating
as at March 31, 2023, based on the internal financial controls effectiveness. Our audit of internal financial controls with
with reference to financial statements criteria established by reference to financial statements included obtaining an
the Company considering the essential components of internal understanding of internal financial controls with reference to
control stated in the Guidance Note on Audit of Internal Financial financial statements, assessing the risk that a material weakness
Controls Over Financial Reporting issued by the Institute of exists, and testing and evaluating the design and operating
Chartered Accountants of India (the “Guidance Note”). effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor’s judgement,
Management’s and Board of Directors’ Responsibilities including the assessment of the risks of material misstatement
for Internal Financial Controls of the Standalone Financial Statements, whether due to fraud
The Company’s Management and the Board of Directors are or error.
responsible for establishing and maintaining internal financial
controls based on the internal financial controls with reference We believe that the audit evidence we have obtained is sufficient
to financial statements criteria established by the Company and appropriate to provide a basis for our audit opinion on
considering the essential components of internal control the Company’s internal financial controls with reference to
stated in the Guidance Note. These responsibilities include the financial statements.
design, implementation and maintenance of adequate internal Meaning of Internal Financial Controls with
financial controls that were operating effectively for ensuring Reference to Financial Statements
the orderly and efficient conduct of its business, including
adherence to company’s policies, the safeguarding of its assets, A company's internal financial controls with reference to
the prevention and detection of frauds and errors, the accuracy financial statements is a process designed to provide reasonable
and completeness of the accounting records, and the timely assurance regarding the reliability of financial reporting and the
preparation of reliable financial information, as required under preparation of Standalone Financial Statements for external
the Act. purposes in accordance with generally accepted accounting

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