INDEPENDENT AUDITOR’S
REPORT
To the Members of M/s (Name
of Company)
Report on the Audit of the
Financial Statements
Opinion
I have audited the financial statements of M/s (Name of
Company),
(“the Company”) incorporated on ___________ which comprise the Balance Sheet as
at 31
March
2024, and the Statement of Profit and Loss for the period then ended, and notes
to the financial statements, including a summary of significant accounting
policies and other explanatory information.
In my opinion and to the best of my
information and according to the explanations given to me, the aforesaid
financial statements give the information required by the Companies Act, 2013 (“the
Act”) in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of
affairs of the Company as at 31 March 2024, and profit for the period
ended on that date.
Basis for Opinion
I conducted my audit in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the Act. My
responsibilities under those SAs are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of my
report. I am independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India (“ICAI”)
together with the ethical requirements that are relevant to my audit of the
financial statements under the provisions of the Act and the Rules thereunder,
and I have fulfilled my other ethical responsibilities in accordance with these
requirements and the Code of Ethics. I believe that the audit evidence I have
obtained is sufficient and appropriate to provide a basis for my opinion.
Other Information
The Company’s management and Board of
Directors are responsible for the other information. The other information
comprises the information included in the Director’s report but does not
include the financial statements and my auditors’ report thereon.
My opinion on the financial statements does
not cover the other information and I do not express any form of assurance
conclusion thereon.
In connection with my audit of the
financial statements, my responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent
with the financial statements, or my knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work I have
performed, I conclude that there is a material misstatement of this other
information, I am required to report that fact. I have nothing to report in
this regard.
Responsibility of
Management for Financial Statements
The Company’s management and Board of
Directors are responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these financial statements that give a true
and fair view of the state of affairs, profit/loss of the Company in accordance
with the accounting principles generally accepted in India, including the
accounting Standards specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making juments and estimates that are
reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements,
management and Board of Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Auditor’s Responsibilities
for the Audit of the Financial Statements
My objectives are to obtain reasonable
assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs,
I exercise professional jument and maintain professional skepticism throughout
the audit. I also:
• Identify
and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for my opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain
an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the
purpose for expressing my opinion on whether the company has adequate internal
financial controls system in place and the operating effectiveness of such
controls.
• Evaluate the appropriateness of
accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of
management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If I conclude that a material uncertainty
exists, I am required to draw attention in my auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate,
to modify my opinion. My conclusions are based on the audit evidence obtained
up to the date of my auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• 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.
I 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 I identify during my audit.
Report on Other Legal and
Regulatory Requirements
As required by the Companies (Auditor’s
Report) Order, 2020 (“the Order”), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act, 2013, is not applicable in the case of the Company for the
financial year ending as on 31st March 2022.
As required by Section 143(3) of the Act, I
report that:
(a) I have
sought and obtained all the information and explanations which to the best of my
knowledge and belief were
necessary for the purposes of my audit;
(b) In my
opinion, proper books of account as required by law have been kept by the
Company so far as it appears from my examination of those books;
(c) The financial
statements dealt with by this Report are in agreement with the books of
accounts;
(d) In my
opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
(e) On the
basis of the written representations received from the directors as on 31 March, 2024
taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March, 2024 from being appointed as a director in terms of
Section 164 (2) of the Act;
(f) In my opinion and to the best of my
information and according to the explanations given to me, the provisions of section 143(3)(i) for
reporting on adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls of the
company, are not applicable and;
(g) The
provisions of Section 197 read with Schedule V of the Act are not applicable to
the Company for the period ended 31 March 2024 since the Company is not a
public company as defined under section 2(71) of the Act. Accordingly,
reporting under section 197(16) is not applicable;
(h)
With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in my
opinion and to the best of my information and according to the explanations
given to me:
i.
The Company does not have any pending litigations which would impact its
financial position.
ii. The
Company did not have any long-term
contracts including derivative contracts for which there were any material
foreseeable losses.
iii.
There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
iv. (a)
The Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually
or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(b) The
Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(c) Based
on the audit procedures that have been considered reasonable and appropriate in
the circumstances, nothing has come to my notice that has caused me to believe
that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
v.
The company did not declare any
dividend during the year.
vi. Based
on our examination which included test checks, the Company has used accounting
software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year
for all relevant transactions recorded in the respective software except that
the audit trail was not enabled at the database level to log any direct data
changes for such accounting software used for maintaining the books of account.
Further, where audit trail (edit log) facility was enabled and operated
throughout the year for the accounting software, we did not come across any instance
of the audit trail feature being tampered with.
For Name of Firm
Chartered Accountants
Firm Registration No.:
Proprietor
Membership No.:
Place:
Date:
UDIN: