Page 234 - BCML AR 2019-20

FINANCIAL STATEMENTS

Information Other than the Consolidated Financial matters related to going concern and using the going concern basis
Statements and Auditors’ Report thereon of accounting unless management either intends to liquidate the
• The Company’s Board of Directors is responsible for the other Company or to cease operations, or has no realistic alternative but
information. The other information comprises the information to do so.
included in the Board’s Report including Annexures to Those Board of Directors are also responsible for overseeing the
Board’s Report, Management Discussion and Analysis Report financial reporting process of the Company including it’s associates.
and Business Responsibility Report, but does not include
Consolidated financial statements and our auditors’ report Auditors’ Responsibilities for the Audit of the Consolidated Financial
thereon. Statements
• Our opinion on the Consolidated financial statements does not Our objectives are to obtain reasonable assurance about whether
cover the other information and we do not express any form of the consolidated financial statements as a whole are free from
assurance conclusion thereon. material misstatement, whether due to fraud or error, and to issue
an auditors’ report that includes our opinion. Reasonable assurance
• In connection with our audit of the Consolidated financial is a high level of assurance, but is not a guarantee that an audit
statements, our responsibility is to read the other information conducted in accordance with SAs will always detect a material
and, in doing so, consider whether the other information misstatement when it exists. Misstatements can arise from fraud or
is materially inconsistent with the Consolidated financial error and are considered material if, individually or in the aggregate,
statements or our knowledge obtained during the course of they could reasonably be expected to influence the economic
our audit or otherwise appears to be materially misstated.
decisions of users taken on the basis of these consolidated financial
• If, based on the work we have performed, we conclude that statements.
there is a material misstatement of this other information, we As part of an audit in accordance with SAs, we exercise professional
are required to report that fact.
judgment and maintain professional skepticism throughout the
We have nothing to report with respect to the above. audit. We also:
Responsibilities of Management and Those Charged with • Identify and assess the risks of material misstatement of the
Governance for the Consolidated Financial Statements consolidated financial statements, whether due to fraud or
The Company’s Board of Directors is responsible for the matters error, design and perform audit procedures responsive to
stated in section 134(5) of the Act with respect to the preparation those risks, and obtain audit evidence that is sufficient and
of these Consolidated financial statements that give a true and appropriate to provide a basis for our opinion. The risk of not
fair view of the state of affairs (consolidated financial position), detecting a material misstatement resulting from fraud is
Profit or Loss (consolidated financial performance including other higher than for one resulting from error, as fraud may involve
comprehensive income), consolidated changes in equity and collusion, forgery, intentional omissions, misrepresentations, or
consolidated cash flows of the Company including its Associates in the override of internal controls;
accordance with the accounting principles generally accepted in • Obtain an understanding of internal control relevant to
India, including the Indian Accounting Standards specified under the audit in order to design audit procedures that are
section 133 of the Act.
appropriate in the circumstances. Under section 143(3)(i) of
This responsibility also includes maintenance of adequate the Act, We are also responsible for expressing our opinion on
accounting records in accordance with the provisions of the Act for whether the Company including it’s associates has adequate
safeguarding of the assets of the Company including its Associates internal financial controls system in place and the operating
and for preventing and detecting frauds and other irregularities; effectiveness of such controls;
selection and application of appropriate accounting policies; • Evaluate the appropriateness of accounting policies used
making judgments and estimates that are reasonable and prudent; and the reasonableness of accounting estimates and related
and design, implementation and maintenance of adequate internal disclosures made by management;
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant • Conclude on the appropriateness of management’s use of the
to the preparation and presentation of the consolidated financial going concern basis of accounting and, based on the audit
statements that give a true and fair view and are free from material evidence obtained, whether a material uncertainty exists
misstatement, whether due to fraud or error. related to events or conditions that may cast significant doubt
on the Company’s ability including its associates to continue
In preparing the consolidated financial statements, the respective as a going concern. If we conclude that a material uncertainty
Board of Directors of the Company including its associates are exists, we are required to draw attention in our auditors’ report
responsible for assessing the Company’s ability including its to the related disclosures in the consolidated financial
associates to continue as a going concern, disclosing, as applicable,

232 | Balrampur Chini Mills Limited