Investor Presentaiton
MRP
S. No. Key Audit Matter
4.
Property, Plant & Equipment (Including Capex)
Tracking and monitoring capex requires more
attention to ensure reasonable accurateness and
completeness of financial reporting in respect of
Property, plant and equipment.
• Further, technical complexities require
management to assess and make estimates/
judgements about capitalization, estimated useful
life, impairment etc. which has material impact
on Balance sheet and operating results.
Refer note 1 to consolidated financial statements.
Our Response
Principal Audit Procedures
Our audit approach consisted testing of the design and operating effectiveness of the internal
controls and substantive testing as follows:
We assessed company's process regarding maintenance of records and accounting of
transactions pertaining to property, plant and equipment including capital work in progress
with reference to Indian Accounting Standard 16.
We have carried out substantive audit procedures at financial and assertion level to verify
the capitalization of assets as Property, Plant & Equipment.
We have reviewed management judgement pertaining to estimation of useful life and
depreciation of the Property, Plant and Equipment in accordance with Schedule II of the
Companies Act, 2013.
We have relied on physical verification conducted by management and management
representations.
5.
Information Other than the Consolidated Financial Statements and
Auditor's Report thereon
The Holding Company's Management and Board of Directors are
responsible for the preparation of the other information. The other
information comprises the information included in the Holding
Company's Board's Report including Annexures to Board's Report,
Management Discussion and Analysis, Report on Corporate
Governance, Business Responsibility and Sustainability Report, but
does not include the Consolidated Financial Statements and our
auditor's report thereon.
Our opinion on the Consolidated Financial Statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Consolidated Financial
Statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially
inconsistent with the Consolidated Financial Statements or our
knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.
6.
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.
Management's Responsibility and Those Charged with Governance
for the Consolidated Financial Statements
The Holding Company's Board of Directors is responsible for the
preparation and presentation of these Consolidated Financial
Statements in term of the requirements of the Act that give a true
and fair view of the Consolidated financial position, Consolidated
financial performance including other comprehensive income,
Consolidated Changes in Equity and Consolidated Cash Flows of
the Group in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards
(Ind AS) specified under section 133 of the Act. The respective
Board of Directors of the companies included in the Group are
responsible for maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets
of the Group and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
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