Investor Presentaiton
"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF
EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF MRF
LIMITED.
REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE
TO STANDALONE FINANCIAL STATEMENTS UNDER CLAUSE (1) OF
SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013
("the Act")
1.
2.
OPINION
We have audited the internal financial controls with reference to
Standalone Financial Statements of MRF Limited ("the Company") as
of March 31, 2023 in conjunction with our audit of the Standalone
Financial Statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, an
adequate internal financial controls with reference to Standalone
Financial Statements and such internal financial controls with
reference to standalone financial statements were operating
effectively as at March 31, 2023, based on the internal financial
control with reference to standalone financial statements criteria
established by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal
Financial Controls over Financial reporting issued by the Institute of
Chartered Accountants of India (ICAI).
MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL
CONTROLS
The Company's management is responsible for establishing and
maintaining internal financial controls with reference to Standalone
Financial Statements based on the internal control over financial
reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India
(ICAI). These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were
3.
operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to Company's policies, the
safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records
and the timely preparation of reliable financial information, as
required under the Act.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on the Company's internal
financial controls with reference to Standalone Financial Statements
based on our audit. We conducted our audit in accordance with
the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting (the "Guidance Note") issued by Institute of
Chartered Accountants of India and the Standards on Auditing
prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of Internal Financial Controls with
reference to Standalone Financial Statements. 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 Standalone Financial Statements was 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 Standalone Financial Statements and their operating effectiveness.
Our audit of internal financial controls with reference to Standalone
Financial Statements includes obtaining an understanding of internal
financial controls with reference to Standalone Financial Statements,
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
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