Atul Ltd 2018-19

as a whole are free from material misstatement, whether due to fraud or error and to issue an Auditor’s Report that includes our 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 ǅĺĚŠ Ŀƥ ĚǊĿƙƥƙȦ qĿƙƙƥîƥĚŞĚŠƥƙ ČîŠ îƑĿƙĚ ljƑūŞ ljƑîƭē ūƑ error and are considered material if, individually or in ƥĺĚ îijijƑĚijîƥĚȡ ƥĺĚǋ Čūƭŕē ƑĚîƙūŠîċŕǋ ċĚ ĚǊƎĚČƥĚē ƥū ĿŠǜƭĚŠČĚ ƥĺĚ ĚČūŠūŞĿČ ēĚČĿƙĿūŠƙ ūlj ƭƙĚƑƙ ƥîŒĚŠ ūŠ ƥĺĚ basis of these Consolidated Financial Statements. ǧǦȦ ƙ ƎîƑƥ ūlj îŠ îƭēĿƥ ĿŠ îČČūƑēîŠČĚ ǅĿƥĺ ¬ ƙȡ ǅĚ ĚǊĚƑČĿƙĚ ƎƑūljĚƙƙĿūŠîŕ ŏƭēijĚŞĚŠƥ îŠē ŞîĿŠƥîĿŠ ƎƑūljĚƙƙĿūŠîŕ skepticism throughout the audit. We also: a) Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those ƑĿƙŒƙ 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 Čƥȡ ǅĚ îƑĚ îŕƙū ƑĚƙƎūŠƙĿċŕĚ ljūƑ ĚǊƎƑĚƙƙĿŠij ūƭƑ opinion on whether the Parent 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 ūċƥîĿŠĚēȡ ǅĺĚƥĺĚƑ î ŞîƥĚƑĿîŕ ƭŠČĚƑƥîĿŠƥǋ ĚǊĿƙƥƙ related to events or conditions that may cast ƙĿijŠĿǛČîŠƥ ēūƭċƥ ūŠ ƥĺĚ îċĿŕĿƥǋ ūlj ƥĺĚ HƑūƭƎ îŠē Ŀƥƙ ŏūĿŠƥ ǄĚŠƥƭƑĚ ČūŞƎîŠǋ ƥū ČūŠƥĿŠƭĚ îƙ î ijūĿŠij concern. If we conclude that amaterial uncertainty ĚǊĿƙƥƙȡ ǅĚ îƑĚ ƑĚƐƭĿƑĚē ƥū ēƑîǅ îƥƥĚŠƥĿūŠ ĿŠ ūƭƑ Auditor’s Report to the related disclosures in the Consolidated 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 ƥĺĚ HƑūƭƎ îŠē Ŀƥƙ ŏūĿŠƥ ǄĚŠƥƭƑĚ ČūŞƎîŠǋ ƥū ČĚîƙĚ to continue as a going concern. e) Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. ljȴ ~ċƥîĿŠ ƙƭljǛČĿĚŠƥ îƎƎƑūƎƑĿîƥĚ îƭēĿƥ ĚǄĿēĚŠČĚ ƑĚijîƑēĿŠij ƥĺĚ ǛŠîŠČĿîŕ ĿŠljūƑŞîƥĿūŠ ūlj ƥĺĚ business activities within the Group and its ŏūĿŠƥ ǄĚŠƥƭƑĚ ČūŞƎîŠǋ ƥū ĚǊƎƑĚƙƙ îŠ ūƎĿŠĿūŠ on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of the Financial Statements of such entities or business activities included in the Consolidated Financial Statements of which we are the Independent Auditors. For the other entities or business activities included in the Consolidated Financial Statements, which have been audited by other Auditors, such other Auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the ūŠƙūŕĿēîƥĚē 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 (ii) to ĚǄîŕƭîƥĚ ƥĺĚ ĚljljĚČƥ ūlj îŠǋ ĿēĚŠƥĿǛĚē ŞĿƙƙƥîƥĚŞĚŠƥƙ ĿŠ the Consolidated Financial Statements. We communicate with those charged with governance of the Parent and such other entities included in the Consolidated | Independent Auditor’s Report 177