Amal Ltd | Annual Report 2021-22 Key audit matter Auditor’s response Performing following procedures on the samples selected: - reading and verifying the terms of the purchase orders. Performing corroborative inquiries for the business rational on pricing and relevant terms and conditions, including sighting evidences of transaction of similar products on identical terms with unrelated parties - verifying necessary approvals as per the authorisation matrices - verifying documentary evidences around deliveries and subsequent realisation, and obtaining balance confirmations - performing analytical procedures and trend analysis - assessing adequacy and appropriateness of the disclosures in the Standalone Financial Statements. Information other than the Standalone Financial Statements and Auditor’s Report thereon 05. The Board of Directors is responsible for the other information. The other information comprises the information included in the letter to shareholders, corporate identity, Directors’ Repor t and i ts annexure, Management Discussion andAnalysis, CorporateGovernance Report and performance trend but does not include the Standalone Financial Statements, the Consolidated Financial Statements and our Auditor’s Report thereon. 06. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. 07. In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. 08 If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Management’s responsibility for the Standalone Financial Statements 09. The Board of Directors of the Company is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, cashflows and changes in equity of the Company in accordancewith the IndAS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, making judgements and estimates that are reasonable and prudent, and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. 10. In prepar ing the Standalone Financial Statements, the Management is responsible for assessing the ability of theCompany to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 11. The Board of Directors are also responsible for overseeing the financial reporting process of the Company.
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