55 Independent Auditor’s Report Key audit matter Auditor’s response Revenue from sale of goods to parent company Significant revenue of the Company is generated through sale of goods to its holding company. The occurrence of such transactions and their pricing on an arm’s length basis were significant areas of audit focus. Our procedures included the following, but were not limited to: - obtaining a detailed understanding of the processes, controls and policies of the Management with respect to related party transactions, - evaluating the design of controls including approvals and related compliances, - testing implementation and operating effectiveness of the controls that address risks relating to the occurrence and pricing. Opinion 01. We have aud i ted the accompany i ng Standalone Financial Statements of Amal Ltd (the Company), which comprise the Balance Sheet as at March 31, 2022, and the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of changes in equity for the year then ended and a summary of significant accounting policies and other explanatory information. 02. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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 wi th the Indian Account ing Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2022, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date. Basis for opinion 03. We conducted our audit of the Standalone Financial Statements in accordance with the To the members of Amal Ltd Report on the audit of the Standalone Financial Statements Standards on Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the audit of the Standalone Financial Statements section of our report. We are 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 our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements. Key audit matter 04. Key audi t matter is matter that , in our profess ional judgement , was of most significance in our audit of the Standalone Financial Statements of the current period. This matter was addressed in the context of our audit of the Standalone Financial Statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on this matter. We have determined the matter described below to be the key audit matter to be communicated in our report.
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