Atul Ltd 2018-19

a) Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those ƑĿƙŒƙȡ îŠē ūċƥîĿŠ îƭēĿƥ ĚDŽĿēĚŠČĚ ƥĺîƥ Ŀƙ ƙƭljǛČĿĚŠƥ and appropriate to provide a basis for our 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. ċȴ ~ċƥîĿŠ îŠ ƭŠēĚƑƙƥîŠēĿŠij ūlj ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ control relevant to the audit in order to design audit procedures that are appropriate in the ČĿƑČƭŞƙƥîŠČĚƙȦ ÀŠēĚƑ ¬ĚČƥĿūŠ ǧǪǩȳǩȴȳĿȴ ūlj ƥĺĚ Act, we are also responsible for expressing our opinion on whether the Company has adequate ĿŠƥĚƑŠîŕ ǛŠîŠČĿîŕ ČūŠƥƑūŕƙ ƙNjƙƥĚŞ ĿŠ ƎŕîČĚ îŠē ƥĺĚ operating effectiveness of such controls. c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management. d) Conclude on the appropriateness of use of the going concern basis of accounting by the Management and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast ƙĿijŠĿǛČîŠƥ ēūƭċƥ ūŠ îċĿŕĿƥNj ūlj ƥĺĚ ūŞƎîŠNj ƥū continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the Company to cease to continue as a going concern. e) Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the ¬ƥîŠēîŕūŠĚ GĿŠîŠČĿîŕ ¬ƥîƥĚŞĚŠƥƙ ŞîNj ċĚ ĿŠǜƭĚŠČĚēȦ We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and ȳĿĿȴ ƥū ĚDŽîŕƭîƥĚ ƥĺĚ ĚljljĚČƥ ūlj îŠNj ĿēĚŠƥĿǛĚē ŞĿƙƙƥîƥĚŞĚŠƥƙ in the Standalone Financial Statements. We communicate with those charged with governance regarding, among other matters, the planned scope îŠē ƥĿŞĿŠij ūlj ƥĺĚ îƭēĿƥ îŠē ƙĿijŠĿǛČîŠƥ îƭēĿƥ ǛŠēĿŠijƙȡ ĿŠČŕƭēĿŠij îŠNj ƙĿijŠĿǛČîŠƥ ēĚǛČĿĚŠČĿĚƙ ĿŠ ĿŠƥĚƑŠîŕ ČūŠƥƑūŕ 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 DžĚƑĚ ūlj Şūƙƥ ƙĿijŠĿǛČîŠČĚ ĿŠ ƥĺĚ îƭēĿƥ ūlj ƥĺĚ ¬ƥîŠēîŕūŠĚ 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 ċĚŠĚǛƥƙ ūlj ƙƭČĺ ČūŞŞƭŠĿČîƥĿūŠȦ Report on other legal and regulatory requirements ǧǧȦ ƙ ƑĚƐƭĿƑĚē ċNj ¬ĚČƥĿūŠ ǧǪǩȳǩȴ ūlj ƥĺĚ Čƥȡ ċîƙĚē ūŠ ūƭƑ audit on the separate Financial Statements we report, to the extent applicable that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. Corporate Overview 01-22 Statutory Reports 23-105 Financial Statements 107-250 110 Atul Ltd | Annual Report 2018-19