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Mission-Critical Decisions, Made with Confidence.
12. 13. 14. • Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events
in a manner that achieves fair presentation; and
• Obtain sufficient appropriate audit evidence
regarding the financial statements of the
Company and its branches to express an opinion
on the financial statements. We are responsible
for the direction, supervision and performance of
the audit of financial statements of the Company,
of which we are the independent auditors. For the
branches included in the financial statements,
which have been audited by the branch auditors,
such branch auditors remain responsible for the
direction, supervision and performance of the
audits carried out by them. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and
other matters that may reasonably be thought to
bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in
extremely rare circumstances, we determine that a
matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.
Other Matter
15. We did not audit the financial statements of two
(2) branches included in the standalone financial
statements of the Company whose financial
statements reflects total assets of ` 1,238 lakhs
as at 31 December 2024, and the total revenues of
` 2,259 lakhs, total net profit after tax of ` 169 lakhs,
total comprehensive income of ` 456 lakhs, and cash
outflows (net) of ` 151 lakhs respectively for the year
ended on that date, as considered in the standalone
financial statements. These financial statements have
been audited by the branch auditors whose reports
have been furnished to us by the management, and
our opinion on the standalone financial statements,
in so far as it relates to the amounts and disclosures
included in respect of branches, and our report in
terms of sub-section (3) of section 143 of the Act in
so far as it relates to the aforesaid branches, is based
solely on the report of such branch auditors.
Further these branches are located outside India
whose financial statements have been prepared in
accordance with accounting principles generally
accepted in their respective countries and which
have been audited by branch auditors under generally
accepted auditing standards applicable in their
respective countries. The Company’s management has
converted the financial statements of such branches
from accounting principles generally accepted in their
respective countries to accounting principles generally
accepted in India. We have audited these conversion
adjustments made by the Company’s management.
Our opinion on the standalone financial statements,
in so far as it relates to the amounts and disclosures
included in respect of such branches, is based on
the report of branch auditors and the conversion
adjustments prepared by the management of the
Company and audited by us.
Our opinion above on the standalone financial
statements, and our report on other legal and regulatory
requirements below, are not modified in respect of the
above matters with respect to our reliance on the work
done by and the reports of the branch auditors.
Report on Other Legal and Regulatory
Requirements
16. As required by section 197(16) of the Act based on our
audit, and on the consideration of the reports of the
branch auditors as referred to in paragraph 15 above,
we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197
read with Schedule V to the Act.
17. As required by the Companies (Auditor’s Report) Order,
2020 (‘the Order’) issued by the Central Government
Annual Report 2024
229
Financial Statements