Page 272 - Tata Chemical Annual Report_2022-2023

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

with the accounting principles generally accepted in India, the economic decisions of users taken on the basis of these • Evaluate the overall presentation, structure and content because the adverse consequences of doing so would
including the Indian Accounting Standards (Ind AS) specified Consolidated Financial Statements. of the Consolidated Financial Statements, including the reasonably be expected to outweigh the public interest
under Section 133 of the Act. The respective Management disclosures, and whether the Consolidated Financial benefits of such communication.
and Board of Directors of the Group and of its associate and As part of an audit in accordance with SAs, we exercise Statements represent the underlying transactions and
joint ventures are responsible for maintenance of adequate professional judgment and maintain professional skepticism events in a manner that achieves fair presentation. Other Matters
accounting records in accordance with the provisions of the throughout the audit. We also: a. We did not audit the financial statements/financial
Act for safeguarding the assets of each company and for • Obtain sufficient appropriate audit evidence regarding information of 21 subsidiaries, whose financial
preventing and detecting frauds and other irregularities; the • Identify and assess the risks of material misstatement the financial statements/financial information of such statements/financial information reflect total assets
selection and application of appropriate accounting policies; of the Consolidated Financial Statements, whether due entities or business activities within the Group and its (before consolidation adjustments) of ` 23,848 crore as
making judgments and estimates that are reasonable and to fraud or error, design and perform audit procedures associate and joint ventures to express an opinion on the at March 31, 2023, total revenues (before consolidation
prudent; and the design, implementation and maintenance responsive to those risks, and obtain audit evidence Consolidated Financial Statements. We are responsible adjustments) of ` 9,121 crore and net cash outflows
(before consolidation adjustments) amounting to ` 278
of adequate internal financial controls, that were operating that is sufficient and appropriate to provide a basis for the direction, supervision and performance of the crore for the year ended on that date, as considered in
effectively for ensuring the accuracy and completeness for our opinion. The risk of not detecting a material audit of the financial statements/financial information the Consolidated Financial Statements. The Consolidated
of the accounting records, relevant to the preparation and misstatement resulting from fraud is higher than for of such entities included in the Consolidated Financial Financial Statements also include the Group’s share of
presentation of the Consolidated Financial Statements one resulting from error, as fraud may involve collusion, Statements of which we are the independent auditors. For net profit (and Other Comprehensive Income) of ` 57
that give a true and fair view and are free from material forgery, intentional omissions, misrepresentations, or the other entities included in the Consolidated Financial crore for the year ended March 31, 2023, in respect of
Statements, which have been audited by other auditors,
misstatement, whether due to fraud or error, which have the override of internal control. such other auditors remain responsible for the direction, 2 joint ventures, whose financial statements/financial
been used for the purpose of preparation of the Consolidated supervision and performance of the audits carried out by information have not been audited by us. These financial
Financial Statements by the Management and Board of • Obtain an understanding of internal control relevant to them. We remain solely responsible for our audit opinion. statements/financial information have been audited by
Directors of the Holding Company, as aforesaid. the audit in order to design audit procedures that are Our responsibilities in this regard are further described in other auditors whose reports have been furnished to us
appropriate in the circumstances. Under Section 143(3)(i) of by the Management and our opinion on the Consolidated
In preparing the Consolidated Financial Statements, the the Act, we are also responsible for expressing our opinion paragraph (a) of the section titled “Other Matters” in this Financial Statements, in so far as it relates to the amounts
audit report.
respective Management and Board of Directors of the companies on whether the company has adequate internal financial and disclosures included in respect of these subsidiaries
included in the Group and of its associate and joint ventures are controls with reference to financial statements in place and We communicate with those charged with governance of and joint ventures, and our report in terms of sub-section
responsible for assessing the ability of each company to continue the operating effectiveness of such controls. the Holding Company and such other entities included in (3) of Section 143 of the Act, in so far as it relates to the
as a going concern, disclosing, as applicable, matters related to the Consolidated Financial Statements of which we are the aforesaid subsidiaries and joint ventures is based solely
going concern and using the going concern basis of accounting • Evaluate the appropriateness of accounting policies used independent auditors regarding, among other matters, the on the reports of the other auditors.
unless the respective Board of Directors either intends to and the reasonableness of accounting estimates and planned scope and timing of the audit and significant audit Certain of these subsidiaries and joint ventures are located
liquidate the company or to cease operations, or has no realistic related disclosures made by the Management and Board findings, including any significant deficiencies in internal outside India whose financial statements and other financial
alternative but to do so. of Directors. control that we identify during our audit. information have been prepared in accordance with
accounting principles generally accepted in their respective
The respective Board of Directors of the companies included in • Conclude on the appropriateness of the Management We also provide those charged with governance with countries and which have been audited by other auditors
the Group and the respective Board of Directors of its associate and Board of Directors use of the going concern basis a statement that we have complied with relevant under generally accepted auditing standards applicable in
and joint ventures are responsible for overseeing the financial of accounting in preparation of Consolidated Financial ethical requirements regarding independence, and their respective countries. The Group’s management has
reporting process of each company. Statements and, based on the audit evidence obtained, to communicate with them all relationships and converted the financial statements/financial information of
whether a material uncertainty exists related to events other matters that may reasonably be thought to such subsidiaries and joint ventures located outside India
Auditor’s Responsibilities for the Audit of the or conditions that may cast significant doubt on the bear on our independence, and where applicable, from accounting principles generally accepted in their
Consolidated Financial Statements appropriateness of this assumption. If we conclude that related safeguards. respective countries to accounting principles generally
Our objectives are to obtain reasonable assurance about whether a material uncertainty exists, we are required to draw accepted in India. We have audited these conversion
the Consolidated Financial Statements as a whole are free from attention in our auditor’s report to the related disclosures From the matters communicated with those charged adjustments made by the Group’s management. Our
opinion in so far as it relates to the balances and affairs of
material misstatement, whether due to fraud or error, and to in the Consolidated Financial Statements or, if such with governance, we determine those matters that were such subsidiaries and joint ventures located outside India is
issue an auditor’s report that includes our opinion. Reasonable disclosures are inadequate, to modify our opinion. Our of most significance in the audit of the Consolidated based on the reports of other auditors and the conversion
Financial Statements of the current period and are
assurance is a high level of assurance, but is not a guarantee that conclusions are based on the audit evidence obtained therefore the key audit matters. We describe these adjustments prepared by the management of the Group
an audit conducted in accordance with SAs will always detect a up to the date of our auditor’s report. However, future matters in our auditor’s report unless law or regulation and audited by us.
material misstatement when it exists. Misstatements can arise events or conditions may cause the Group and its precludes public disclosure about the matter or when,
from fraud or error and are considered material if, individually or associate and joint ventures to cease to continue as a in extremely rare circumstances, we determine that Our opinion on the Consolidated Financial Statements, and
in the aggregate, they could reasonably be expected to influence going concern. our report on Other Legal and Regulatory Requirements
a matter should not be communicated in our report

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