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Standalone
Independent Auditor’s Report
To the Members of Crisil Limited
Report on the Audit of the Standalone Financial Statements
Opinion
1. We have audited the accompanying standalone
financial statements of Crisil Limited (‘the Company’),
which comprise the Balance Sheet as at 31 December
2024, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of
Cash Flow and the Statement of Changes in Equity
for the year then ended, and notes to the standalone
financial statements, including material accounting
policy information and other explanatory information,
in which are included the returns for the year ended
on that date audited by the branch auditors of
the Company’s branches located at Dubai (U.A.E.)
and Cambodia.
2. In our opinion and to the best of our information and
according to the explanations given to us, and based on
the consideration of the reports of the branch auditors
as referred to in paragraph 15 below, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (‘the Act’) in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
(‘Ind AS’) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31 December 2024, and its profit (including
other comprehensive income), its cash flows and the
changes in equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the
Standards on Auditing specified under section 143(10)
of the Act. 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 ethical requirements that are
relevant to our audit of the financial statements under
the provisions of the Act and the rules thereunder, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have
obtained together with the audit evidence obtained by
the branch auditors, in terms of their reports referred
to in paragraph 15 of the Other Matter section below
is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matter
4. Key audit matters are those matters that, in our
professional judgment, and based on the consideration
of the reports of the branch auditors as referred to
paragraph 15 below, 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 financial statements as a
whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
5. We have determined the matter described below to be the key audit matters to be communicated in our report.
Key audit matter How our audit addressed the key audit matter
Revenue recognition
The Company’s income from operations comprises of
income from global research and analytical services,
customized research, special assignments and
subscriptions to information products and services,
revenue from initial public offering (IPO) grading
services, independent equity research (IER) services,
infrastructure advisory and risk management services.
Refer Note 2.14 to the standalone financial statements,
for details of revenue recognized during the year.
Our audit of the recognition of contract revenue included, but
was not limited to, the following:
•
•
Obtained an understanding of the revenue and receivable
business process, and assessed the appropriateness of the
revenue recognition policies adopted by the Company;
Evaluated key controls around the recognition of contract
revenue. Tested the design, implementation and operating
effectiveness of these identified key controls during the year
and as at the year-end;
226 Annual Report 2024