Page 239 - Index

Mission-Critical Decisions, Made with Confidence.
Auditor’s Responsibility for the Audit of the
Internal Financial Controls with Reference to
Financial Statements
3. 4. 5. Our responsibility is to express an opinion on the
Company’s internal financial controls with reference
to financial statements based on our audit. We
conducted our audit in accordance with the Standards
on Auditing issued by the ICAI prescribed under Section
143(10) of the Act, to the extent applicable to an audit
of internal financial controls with reference to financial
statements, and the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (‘the
Guidance Note’) issued by the ICAI. Those Standards
and the Guidance Note require that we comply with
ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether
adequate internal financial controls with reference to
financial statements were established and maintained
and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal
financial controls with reference to financial
statements and their operating effectiveness. Our audit
of internal financial controls with reference to financial
statements includes obtaining an understanding of
such internal financial controls, assessing the risk that
a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal
control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement
of the financial statements, whether due to fraud
or error.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
our audit opinion on the Company’s internal financial
controls with reference to financial statements.
Meaning of Internal Financial Controls with
Reference to Financial Statements
6. A company’s internal financial controls with reference
to financial statements is a process designed to
provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial
statements for external purposes in accordance with
generally accepted accounting principles. A company’s
internal financial controls with reference to financial
statements include those policies and procedures
that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance
with generally accepted accounting principles, and
that receipts and expenditures of the company are
being made only in accordance with authorisations
of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or
disposition of the company’s assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial
Controls with Reference to Financial
Statements
7. Because of the inherent limitations of internal
financial controls with reference to financial
statements, including the possibility of collusion or
improper management override of controls, material
misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the
internal financial controls with reference to financial
statements to future periods are subject to the risk
that the internal financial controls with reference
to financial statements may become inadequate
because of changes in conditions, or that the degree
of compliance with the policies or procedures
may deteriorate.
Opinion
8. In our opinion, the Company has, in all material
respects, adequate internal financial controls with
reference to financial statements and such controls
were operating effectively as at 31 December 2024,
based on the internal financial controls with reference
to financial statements criteria established by the
Company considering the essential components of
internal control stated in Guidance Note issued by ICAI.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Manish Gujral
Partner
Membership No.: 105117
UDIN: 25105117BMOLIU5646
Place: Mumbai
Date: 10 February 2025
Annual Report 2024
237
Financial Statements