Investor Presentaiton
"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT OF
EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF
MRF LIMITED
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE
(I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT,
2013 ("THE ACT")
OPINION
In conjunction with our audit of the Consolidated Financial Statements of
the Company as of and for the year ended 31 March 2023, we have audited
the internal financial controls with reference to Financial Statements of
MRF LIMITED ("the Holding Company") and its subsidiary companies
which are companies incorporated in India, as of that date. In our
opinion, the Holding Company and its subsidiary companies, which are
companies incorporated in India, have, in all material respects, an adequate
internal financial controls with reference to Consolidated Financial
Statements and internal financial controls were operating effectively as at
31 March 2023, based on the internal financial control with reference to
Consolidated Financial Statement criteria established by the respective
Companies 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).
1.
MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL
CONTROLS
The Respective Board of Directors of the Holding Company and
its subsidiary companies incorporated in India, are responsible
for establishing and maintaining internal financial controls with
reference to Consolidated Financial Statements based on the
internal financial control reporting criteria established by the
respective Companies considering the essential components of
internal control stated in the Guidance Note 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 operating effectively for
ensuring the orderly and efficient conduct of its business, including
2.
adherence to respective 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 internal financial
controls with reference to Financial Statements of the Holding
Company and its subsidiary companies which are incorporated in
India, based on our audit. We conducted our audit in accordance
with the Guidance Note issued by ICAI and the Standards on
Auditing, issued by ICAI and prescribed under section 143(10) of
the Act, to the extent applicable to an audit of internal financial
controls, both issued by 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 Consolidated
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 Consolidated Financial Statements and their
operating effectiveness. Our audit of internal financial controls with
reference to Consolidated Financial Statements includes obtaining
an understanding of internal financial controls with reference to
Consolidated 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 judgment, including the
assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the
audit evidence obtained by other auditors of a subsidiary company
incorporated in India, in terms of their report referred to in other
matters paragraph below, is sufficient and appropriate to provide
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