Page 113 - FBL AR 2019-20

CORPORATE STATUTORY FINANCIAL
OVERVIEW STATEMENTS STATEMENTS

of (unsecured) inter-corporate deposits including interest accrued stated in the Guidance Note on Audit of Internal Financial Controls
on such deposits and trade advances, wherein the Company does Over Financial Reporting issued by the Institute of Chartered
not have relevant internal financial controls in place, which could Accountants of India.
potentially result in recognising these financial assets and other We have considered the material weakness identified and reported
current assets at a value more than its recoverable amount and above in determining the nature, timing, and extent of audit tests
consequential overstatement of profits and overstatement of other applied in our audit of the standalone financial statements of the
equity as at March 31, 2020.
Company for the year ended March 31, 2020, and the material
A ‘material weakness’ is a deficiency, or a combination of deficiencies, weakness has affected our opinion on the said standalone financial
in internal financial control over financial reporting, such that statements of the Company and we have issued a qualified opinion
there is a reasonable possibility that a material misstatement of on the standalone financial statements.
the company’s annual or interim financial statements will not be
prevented or detected on a timely basis.
Qualified Opinion For Deloitte Haskins & Sells LLP
In our opinion, to the best of our information and according to Chartered Accountants
the explanations given to us, except for the possible effects of the (Firm’s Registration No. 117366W/W-100018)
material weakness described in the Basis for Qualified Opinion
paragraph above on the achievement of the objectives of the Rajesh K. Hiranandani
control criteria, the Company has maintained, in all material respects, Partner
adequate internal financial controls system over financial reporting Place: Mumbai (Membership No. 36920)
and such internal financial controls over financial reporting were Date: August 28, 2020 (UDIN: 20036920AAAACU7943)
operating effectively as of March 31, 2020, based on the internal
financial control over financial reporting criteria established by the
Company considering the essential components of internal control

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