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New and Revised Auditors’ reporting standards (w.e.f. accounting periods starting 01/04/2018)
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....ew and Revised Auditors’ reporting standards (w.e.f. accounting periods starting 01/04/2018)<br>By: - CAGOPALJI AGRAWAL<br>Accounting - Auditing<br>Dated:- 5-5-2019<br><br>THRE IS PARADIGM SHIFT IN INDEPENDENT AUDITOR'S REPORT [IAR} The role of statutory auditors is getting enhanced importance in this new era of global economy. Enhanced reporting by auditors is enlarging the utility of the reports for the stakeholders siting around the world. My friends in the CA fraternity in India would be delighted to know that India is at par internationally so far as the Engagement Standards (presently 45 such standards) are concerned. These Engagement Standards have been classified into four category in accordance with the nature, responsibility and type of assurance extended by the chartered accountants. These categories along-with their numbers are as under: (1) Standards on Auditing (SAs) - (38) (2) Standards on Review Engagements (SREs) - (2) (3) Standards on Assurance Engagements (SAEs) -(3) and ; (....
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....4) Standards on Related Services (SRSs) -(2) The Independent Auditor's Report which is the only communication between the auditors and the various stakeholders/users is witnessing a historic change when we are conducting the audit for the financial year 2018-19 as number of reporting standards which are the foundation of any audit report have been revised with effect from accounting periods starting from April 1, 2018 i.e. in most of the cases for the financial year ending March 2019. Probably we would have missed the flavor of it when concluded bank audit engagements as these reports were readily available by the banks through their SCAs. The following standards have been revised: * Standard on Auditing 299 - Joint Audit of Financial Statements (FSs) * Standard on Auditing 700 - Forming an opinion on FSs (Clean opinion) * Standard on Auditing 705- Modification to the opinion in IAR (qualified, adverse and disclaimer) * Standard on Auditing 706 - Emphasis of Matter and other matter paragraph (MP/OMP) * Standard on Auditing 720 - Auditors' responsibilities relating to other information * A new Standard on auditing has been issued i.e. 701 - Communicating Ke....
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....y Audit Matters (KAM) The days have gone when the auditors used to copy the templates of the auditors reports from preceding years. Since 2013, every year the reporting standards and other enhancements are taking place and I can merely call it an accidental event if the auditors miss the track of these changes. Though I most humbly urge my fellow colleagues in the attestation job to kindly go through these revised standards which are the parental standards more particularly SA 700 & 705 while issuing any audit report nevertheless just for saving the time and broader approach, five types of reports have been drafted by me which I believe will be of immense use for the members of CA fraternity while they will finally draft their reports under difference categories of reporting companies BUT in case of ONLY CLEAN OPINION. Suggested Independent Audit Report (IAR) templates under different situations: 1. For Private Limited Company without IFC and CARO and Cash Flow 2. For Private Limited Company with IFC and CARO and Cash Flow 3. For Private Limited Company with CARO with Cash Flow but without IFC 4.&....
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....nbsp; For Private Limited Company with Cash Flow but without CARO and IFC 5. For Limited Company - Stand Alone (Templates as edited) SNAPSHOT FOR APPLICABILTY OF VARIOUS PROVISION WITH REGARD TO DIFFERENT INDEPENDENT AUDITORS REPORT COMPANIES EXEMPT FROM IFC, CARO AND CASH FLOW STATEMENTS - PRIVATE LIMITED ONLY REPORT ON IFC SHALL NOT APPLY IF * One person company (OPC) and small company. Small company means a private company having paid up share capital not exceeding 50 lac AND turnover not exceeding 200 lac (turnover of immediately preceding financial year to be seen) * Turnover less than Rs. 50 crores AND aggregate borrowings from banks, financial institutions and body corporate at any point of time during the financial year less than 25 crore CASH FLOW STATEMENT (MAY NOT BE INCLUDED) OPC, Small, dormant and start up company CARO 2016 REPORT NOT REQUIRED * Banking, insurance, OPC, small company * Private company not being subsidiary or holding of a public company * Private company -paid up capital, reserves and surplus not exceeding 100 lac as on balance sheet date AND borrowings ....
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....from banks and financial institutions not exceeding 100 lac at any time during the financial year AND total revenue not exceeding 10 crore Companies (Auditor's Report) Order, 2016 Looking for the valuable feedback from the esteemed readers! Reply By Rajender Gupta as = Thanks sir for your valuable article Dated: 1-6-2019 Reply By Chandravijay Shah as = Out of range of SAs, say, 700-799 being Audit Conclusions and Reporting, why only a few of them are listed and made applicable and not all of them? Which are the balance SAs in that range? Do all SAs apply to all Companies and wef which FY? Dated: 16-10-2019 Reply By Chandravijay Shah as = In 1st and other Templates, instead of Heading of "Management's Responsibility for the Financial Statements", should it be "Responsibilities of Management and Those Charged with Governance for the Financial Statements"? Dated: 16-10-2019 ============= Document 1For _____________________ Chartered Accountants Firm Registration Number CA_____________________ Partner Membership Number New Delhi, May 2019 INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF ------------------ PRIVATE LIMITEDI. Report on the A....
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....udit of the Fi nancial State ments1 .O pinionA.We have audited the accompanying Financial Statements of __________ PRIVATE Limited (“the Companyâ€), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the Financial Statements â€).B.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (“the Actâ€) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 20 06 , as amended, (“ ASâ€) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and its profit /loss f or the year ended on that date .2.Basis for OpinionWe conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under sectio....
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....n 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements .3.Key Audit Matters (KAM) (IF DESIRED)Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined th....
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....e matters described below to be the key audit matters to be communicated in our report .4.Other Information - Board of Directors’ ReportA.The Company’s Board of Directors is responsible for the preparation and presentation of its report (herein after called as “Board Reportâ€) which comprises various information required under section 134(3) of the Companies Act 2013 but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.B.In connection with our audit of the financial statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in this Board Report , we are required to report that fact. We have nothing to report in this regard.5.Management’s Responsibility for the Financial StatementsA.The....
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.... Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.B.In preparing the Financial Statements , management is responsible for assessing the Company’s ability to continue as a goi....
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....ng concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. T he Board of Directors are responsible for overseeing the Company’s financial reporting process.6.Auditor’s Responsibilities for the Audit of the Financial StatementsA.Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements .B.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticis....
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....m throughout the audit. We also:i ) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.ii) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control systems .iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by managementiv) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast sig....
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....nificant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concernv) Evaluate the overall presentation, structure and content of the Financial Statements , including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentationC.Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in ( i ) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified....
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.... misstatements in the Financial Statements .D.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.E.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.F.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such com....
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....munication (Delete this paragraph if NO KAM)II. Report on Other Legal and Regulatory Requirements1.As required by Section 143(3) of the Act, based on our audit we report that:A.We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our auditB.In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.C.The Balance Sheet, the Statement of Profit and Loss dealt with by this Report are in agreement with the relevant books of account .D.In our opinion, the aforesaid financial statements comply with the AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014E.On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.F.In our opinion, the provisions of Section 143(3)( i ) with regard to opinion on internal financial controls with reference to financial statements....
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.... and operating effectiveness of such controls is not applicable to the company.G .With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:i ) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statementsii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contractsiii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.2.This report does not include a statement on the matters specified in paragraphs 3 & 4 of the Companies (Auditor’s Report) Order, 2016, issued by the Central Government in terms of section 143(11) of the Companies Act, 2013, since in our opinion and according to the information and explanation given to us, the said Order is not applicable to the company Document 2For _____________________ ....
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....Chartered Accountants Firm Registration Number CA_____________________ Partner Membership Number New Delhi, May 2019 INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF ------------------ PRIVATE LIMITEDI. Report on the Audit of the Fi nancial State ments1 .O pinionA.We have audited the accompanying Financial Statements of __________ PRIVATE Limited (“the Companyâ€), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the Financial Statements â€).B.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (“the Actâ€) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 20 06 , as amended, (“ ASâ€) and other accounting principles generally accepted in ....
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....India, of the state of affairs of the Company as at March 31, 2019, the profit /loss and its cash flows for the year ended on that date .2.Basis for OpinionWe conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements .3.Key Audit Matters (KAM) (IF DESIRED)Key audit matters are those matters that, in our professional judgment, were of most significance in ....
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....our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report .4.Other Information - Board of Directors’ ReportA.The Company’s Board of Directors is responsible for the preparation and presentation of its report (herein after called as “Board Reportâ€) which comprises various information required under section 134(3) of the Companies Act 2013 but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon .B.In connection with our audit of the financial statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materiall....
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....y misstated. If, based on the work we have performed, we conclude that there is a material misstatement in this Board Report , we are required to report that fact. We have nothing to report in this regard .5.Management’s Responsibility for the Financial StatementsA.The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the p....
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....reparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.B.In preparing the Financial Statements , management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. T he Board of Directors are responsible for overseeing the Company’s financial reporting process.6.Auditor’s Responsibilities for the Audit of the Financial StatementsA.Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered ma....
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....terial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements .B.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:i ) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)( i ) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and....
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.... the operating effectiveness of such controlsiii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by managementiv) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concernv) Evaluate the overall presentation, structure and content of the Financial Statements , including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentationC.Materia....
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....lity is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in ( i ) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Statements .D.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.E.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.F.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Stateme....
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....nts of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication (Delete this paragraph if NO KAM)II. Report on Other Legal and Regulatory Requirements1.As required by Section 143(3) of the Act, based on our audit we report that:A.We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our auditB.In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.C.The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account .D.In our opinion, the aforesaid financial statements comply with the AS specified under Section 133 of the Act, read with Rule....
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.... 7 of the Companies (Accounts) Rules, 2014E.On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.F.With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A â€. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to financial statements .G.With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:i ) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statementsii) The Company has made provision, as required under the applicable law or accounting standard....
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....s, for material foreseeable losses, if any, on long-term contracts including derivative contractsiii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.2.As required by the Companies (Auditor’s Report) Order, 2016 (“the Orderâ€) issued by the Central Government in terms of Section 143(11) of the Act, we give in “ Annexure B †a statement on the matters specified in paragraphs 3 and 4 of the Order. Document 3For _____________________ Chartered Accountants Firm Registration Number CA_____________________ Partner Membership Number New Delhi, May 2019 INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF ------------------ PRIVATE LIMITEDI. Report on the Audit of the Fi nancial State ments1 .O pinionA.We have audited the accompanying Financial Statements of __________ PRIVATE Limited (“the Companyâ€), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter ref....
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....erred to as “the Financial Statements â€).B.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (“the Actâ€) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 20 06 , as amended, (“ ASâ€) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, the profit /loss and its cash flows for the year ended on that date .2.Basis for OpinionWe conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence req....
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....uirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements .3.Key Audit Matters (KAM) (IF DESIRED)Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report .4.Other Information - Board of Directors’ ReportA.The Company’s Board of Directors is responsible for the preparation and presentation of its report (herein after called as “Board Reportâ€) which comprises various information required under section 134(3) o....
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....f the Companies Act 2013 but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon .B.In connection with our audit of the financial statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in this Board Report , we are required to report that fact. We have nothing to report in this regard .5.Management’s Responsibility for the Financial StatementsA.The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the AS and other accounting principles generally accepted in India. This....
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.... responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.B.In preparing the Financial Statements , management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. T he Board of Directors are responsible for overseeing the Company’s financial reporting process.6.A....
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....uditor’s Responsibilities for the Audit of the Financial StatementsA.Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements .B.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:i ) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstat....
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....ement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control systems .iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by managementiv) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on th....
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....e audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concernv) Evaluate the overall presentation, structure and content of the Financial Statements , including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentationC.Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in ( i ) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Statements .D.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.E.We also provide those charged with governance w....
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....ith a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.F.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication (Delete this paragraph if NO KAM)II. Report on Other Legal and Regulatory Requirements1.As required by Section 143(3) of the Act, based on our audit we report that:A.We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our auditB.In our opi....
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....nion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.C.The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account .D.In our opinion, the aforesaid financial statements comply with the AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014E.On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.F.In our opinion, the provisions of Section 143(3)( i ) with regard to opinion on internal financial controls with reference to financial statements and operating effectiveness of such controls is not applicable to the company.G.With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according....
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.... to the explanations given to us:i ) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statementsii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contractsiii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.2.As required by the Companies (Auditor’s Report) Order, 2016 (“the Orderâ€) issued by the Central Government in terms of Section 143(11) of the Act, we give in “ Annexure A †a statement on the matters specified in paragraphs 3 and 4 of the Order. Document 4For _____________________ Chartered Accountants Firm Registration Number CA_____________________ Partner Membership Number New Delhi, May 2019 INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF ------------------ PRIVATE LIMITEDI. Report on the Audit of the Fi nancial State ments1 .O pinionA.We have audited the accompanying Financial Statements of __________ PRIVATE Limited (“the Companyâ€), which compr....
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....ise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the Financial Statements â€).B.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (“the Actâ€) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 20 06 , as amended, (“ ASâ€) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, the profit /loss and its cash flows for the year ended on that date .2.Basis for OpinionWe conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsi....
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....bilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements .3.Key Audit Matters (KAM) (IF DESIRED)Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report .4.Other Information - Board of Direct....
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....ors’ ReportA.The Company’s Board of Directors is responsible for the preparation and presentation of its report (herein after called as “Board Reportâ€) which comprises various information required under section 134(3) of the Companies Act 2013 but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.B.In connection with our audit of the financial statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in this Board Report , we are required to report that fact. We have nothing to report in this regard.5.Management’s Responsibility for the Financial StatementsA.The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the p....
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....reparation of these Financial Statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.B.In preparing the Financial Statements , management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of acc....
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....ounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. T he Board of Directors are responsible for overseeing the Company’s financial reporting process.6.Auditor’s Responsibilities for the Audit of the Financial StatementsA.Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements .B.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:i ) Identify and assess the risks of material misstatement of the financial stat....
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....ements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control systems .iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by managementiv) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a ....
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....material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concernv) Evaluate the overall presentation, structure and content of the Financial Statements , including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentationC.Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in ( i ) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Statements .D.We communicate with those charged with governance regar....
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....ding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.E.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.F.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication (Delete this paragraph if NO KAM)II. Report on Other Legal and Regulatory Requirements1.As....
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.... required by Section 143(3) of the Act, based on our audit we report that:A.We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our auditB.In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.C.The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account .D.In our opinion, the aforesaid financial statements comply with the AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014E.On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.F.In our opinion, the provisions of Section 143(3)( i ) with regard to opinion on internal financial controls with reference to financial statements and operating effectiveness of such controls is not applicable to the....
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.... company.G .With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:i ) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statementsii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contractsiii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.2.This report does not include a statement on the matters specified in paragraphs 3 & 4 of the Companies (Auditor’s Report) Order, 2016, issued by the Central Government in terms of section 143(11) of the Companies Act, 2013, since in our opinion and according to the information and explanation given to us, the said Order is not applicable to the company Document 5For _____________________ Chartered Accountants Firm Registration Number CA___________________....
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....__ Partner Membership Number New Delhi, May 2019 INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF ------------------ LIMITEDI. Report on the Audit of the Standalone inancial State ments1 .O pinionA.We have audited the accompanying Standalone Financial Statements of __________Limited (“the Companyâ€), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the Standalone Financial Statements â€).B.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (“the Actâ€) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind ASâ€) and other....
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.... accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date2.Basis for OpinionWe conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements .3.Key Audit Matters....
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....Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report .4.Information Other than the Standalone Financial Statements and Auditor’s Report ThereonA.The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the Standalone Financial Statements and our auditor’s report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereonB.In conn....
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....ection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.5.Management’s Responsibility for the Standalone Financial StatementsA.The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of ....
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....the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.B.In preparing the Standalone Financial Statements , management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. T he Board of Directors are responsible for overseeing the Company’s financial reporting process.6.Auditor’s Responsibilities for the Audit of the Standalone Financial StatementsA.Our objectives are to obtain reasonable ....
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....assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements .B.As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:i ) Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud ma....
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....y involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)( i ) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements i n place and the operating effectiveness of such controlsiii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by managementiv) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequ....
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....ate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concernv) Evaluate the overall presentation, structure and content of the Standalone Financial Statements , including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentationC.Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in ( i ) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements .D.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant de....
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....ficiencies in internal control that we identify during our audit.E.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.F.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communicationII. Report on Other Legal and Regulatory Requirements1.As required by Section 143(3) of the Act, based on our audit we report that:A.We have sought and obtained all the information and explanations which to th....
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....e best of our knowledge and belief were necessary for the purposes of our auditB.In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.C.The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of accountD.In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014E.On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.F.With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A â€. Our report expresses an unmodified opinion on the adequacy ....
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....and operating effectiveness of the Company’s internal financial controls with reference to financial statements .G.With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.H.With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:i ) The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statementsii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contractsiii) There has been no delay in transferring amounts, required to be transferred, to the Investor Educ....
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....ation and Protection Fund by the Company.2.As required by the Companies (Auditor’s Report) Order, 2016 (“the Orderâ€) issued by the Central Government in terms of Section 143(11) of the Act, we give in “ Annexure B †a statement on the matters specified in paragraphs 3 and 4 of the Order.<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....