Illustration 1: New audit report format for report issued on Standalone Ind AS Financial

Statements of a Listed Company prepared under the requirements of the Companies

Act, 2013 [unmodified opinion]

Notes:

1. Text in [xxx] should be edited / deleted as appropriate.

2. The engagement is to audit a complete set of Ind AS standalone general purpose financial
statements of a Listed Company, prepared under the financial reporting framework and
requirements of the Companies Act, 2013, which is a fair presentation framework. The
format attached is to be used for issuing Auditor’s report on Standalone Ind AS financial
statements of the Company.

3. In addition to the audit of the standalone Ind AS financial statements, the auditor has other
reporting responsibilities required under the Companies Act, 2013 and/or other regulatory
requirements.

4. The audit report formats included in this document is for issuing an unqualified / clean
opinion issued in accordance with the SA 700 Revised – ‘Forming an Opinion and
Reporting on Financial Statements’.

5. The format for report on Ind AS consolidated financial statements is separate – refer
Illustration 2 in Atlas – India Channel. For an entity where we are required to issue Auditors
report on both Ind AS standalone and consolidated financial statements, use the word
“standalone” for this report wherever stated in the formats, otherwise state only
“accompanying” financial statements.

6. Reporting on the financial statements is under the section titled “Report on the Audit of the
Standalone Ind AS Financial Statements”.

7. When issuing a modified or adverse report, there is no longer a requirement to state

qualifications in italics/bold – refer separate report formats. The engagement teams also
need to refer to ‘Guidance on reporting requirements under Companies Act, 2013’, the
reporting guidance issued separately to address reporting in respect to the other matters to
be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, as amended, reporting on section 143(3)(f) and (h) of the
Companies Act, 2013.

8. Specific matters to be reported under the requirements stated in section 143(3) of the
Companies Act, 2013 and Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as
amended, are reported under the section titled Report on Other Legal and Regulatory
Requirements.

9. The MCA has notified the Companies (Auditor’s Report) Order, 2016 (“the Order”) on
March 29, 2016. Therefore, where applicable all audit reports should include a report on
CARO 2016. [Teams should refer CARO 2016 - Illustrative Reporting Language available
in Atlas – India Channel.]
10. In case of the following companies, where the Order is not applicable, the first paragraph
under ‘Report on Other Legal and Regulatory Requirements’ section with reference to
reporting under the order should be deleted:
(i) a banking company as defined in clause (c) of section 5 of the Banking Regulation
Act, 1949 (10 of 1949);
(ii) an insurance company as defined under the Insurance Act, 1938 (4 of 1938):
(iii) a company licensed to operate under section 8 of the Companies Act;
(iv) a One Person Company as defined under clause (62) of section 2 of the Companies
Act and a small company as defined under clause (85) of section 2 of the Companies
Act; and
(v) a private limited company, not being a subsidiary or holding company of a public
company, having a paid up capital and reserves and surplus not more than rupees one
crore as on the balance sheet date and which does not have total borrowings exceeding
rupees one crore from any bank or financial institution at any point of time during the
financial year and which does not have a total revenue as disclosed in Schedule III to
the Companies Act, 2013 (including revenue from discontinuing operations)
exceeding rupees ten crore during the financial year as per the financial statements.

11. The modified auditor’s report shall need approval in the new Global Consultation system.
The draft reports should be accompanied by a consultation memo which describes the
background of the Company, issue, technical literature, engagement team’s conclusion and
any other related specialists involved, including PPG where necessary on accounting
related matters and draft language of the qualification or disclaimer. Audit teams must also
ensure compliance with respect to the requirements as stated in the Practice alert #20/2018
dated August 21, 2018 – Consultation policy and protocols.

In instances of disclaimer of opinion, the engagement team must justify the reason for
disclaimer. Where quantification is not possible to the modification, the engagement team
needs to include, in the consultation memo, the justifications for an uncertainty
qualification. The engagement team should clearly evaluate and document the effect of
such accounting or auditing issues on their report on Internal control over financial
reporting under section 143(3)(f) of the Companies Act, 2013, where applicable.

12. The engagement teams should also refer to the firm guidance on Indian Accounting
Standard - Reporting Guidance_201606 [Refer Firm Guidance – Ind AS in Atlas - India
Channel], on financial reporting implementation matters in connection with the auditor’s
responsibility to report on first time adoption of Ind AS financial statements.
Illustration 1 - Auditor’s Report on Standalone Financial Statements of a Listed company
containing an unmodified opinion when the auditor has obtained all of the other
information prior to the date of the auditor's report and has not identified a material
misstatement of the other information prepared in accordance with a fair presentation
framework.

For purposes of this illustrative auditor’s report, the following circumstances are assumed:
• Audit of a complete set of Ind AS financial statements of a listed company (registered under the
Companies Act, 2013) using a fair presentation framework. The audit is not a group audit (i.e.,
SA 600 – ‘Using the Work of Another Auditor’ does not apply).
• The financial statements are prepared by management of the entity in accordance with the Indian
Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013.
• The terms of the audit engagement reflect the description of management’s responsibility for the
financial statements in SA 210 – ‘Agreeing the Terms of Audit Engagements’.
• The auditor has concluded an unmodified (i.e., “clean”) opinion is appropriate based on the audit
evidence obtained.
• The relevant ethical requirements that apply to the audit comprise the Code of Ethics issued by
Institute of Chartered Accountants of India (ICAI) together with the other relevant ethical
requirements relating to the audit and the auditor refers to both.
• Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does
not exist related to events or conditions that may cast significant doubt on the entity’s ability to
continue as a going concern in accordance with SA 570 (Revised) – ‘Going Concern’.
• Key Audit Matters (‘KAM’) have been communicated in accordance with SA 701 –
‘Communicating Key Audit Matters in the Independent Auditor’s Report’. If the auditor is not
required, and has otherwise not decided, to communicate KAM then relevant paragraphs to be
excluded.
• The auditor has obtained all of the other information prior to the date of the auditor’s report and
has not identified a material misstatement of the other information. Other information has been
reported in accordance with SA 720 (Revised) – ‘The Auditor’s Responsibilities to Other
Information’
• In addition to the audit of the financial statements, the auditor has other reporting responsibilities
required under the Companies Act, 2013.
INDEPENDENT AUDITOR’S REPORT
To the Members of ABC Company Limited

Report on the Audit of the [Standalone] Ind AS Financial Statements1

Opinion

We have audited the accompanying [standalone]2 Ind AS financial statements of ABC Company
Limited (“the Company”), which comprise the Balance sheet as at March 31 20XX, the Statement of
Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and
the Statement of Changes in Equity for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information [in which are
included the returns for the year ended on that date audited by the branch auditors of the Company’s
branches located at (location of branches)]3/ [which includes (number) Joint Operations]4.
In our opinion and to the best of our information and according to the explanations given to us [and
based on the consideration of reports of other auditors on separate financial statements and on the other
financial information of the branches and / or joint operations]5, the aforesaid [standalone] Ind AS
financial statements give the information required by the Companies Act, 2013, as amended (“the Act”)
in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 20XX, its profit/loss
including other comprehensive income its cash flows and the changes in equity for the year ended on
that date.

Basis for Opinion

We conducted our audit of the [standalone] Ind AS financial statements in accordance with the
Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the [Standalone]
Ind AS 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 together with the
ethical requirements that are relevant to our audit of the financial statements under the provisions of the
Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the [standalone] Ind AS financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the [standalone] Ind AS financial statements for the financial year ended March 31, 20XX.
These matters were addressed in the context of our audit of the [standalone] Ind AS financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit addressed the matter is provided in
that context.

1
The sub-title “Report on the Audit of the Ind AS Financial Statements” is not required in circumstances when the second sub-
title “Report on Other Legal and Regulatory Requirements” is not applicable.
2
In case, separate report is being issued on both the standalone and consolidated financial statements, the audit teams should
use the terms ‘standalone’ and ‘consolidated’ appropriately. If the Company has no subsidiary, joint venture or associate, then
these terms are not applicable.
3
To be included, where applicable.
4
To be included only, if applicable.
5
To be included only, if applicable.
 We have determined the matters described below to be the key audit matters to be communicated in our
report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of
the [standalone] Ind AS financial statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment
of the risks of material misstatement of the [standalone] Ind AS financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis
for our audit opinion on the accompanying [standalone] Ind AS financial statements.

Key audit matters
(a) Revenue recognition for long term projects (as described in note XX of the standalone Ind AS
financial statements)
The Company’s significant portion of
business is undertaken through long
term engineering, procurement and
construction contracts. Revenue from
these contracts is recognized over a
period of time in accordance with the
requirements of Ind AS 115, Revenue
from Contracts with Customers. Due to
the nature of the contracts, revenue
recognition involves usage of percentage
of completion method which is
determined based on proportion of
contract costs incurred to date compared
to estimated total contract costs, which
involves significant judgments,
identification of contractual obligations
and the Company’s rights to receive
payments for performance completed till
date, changes in scope and consequential
revised contract price and recognition of
the liability for loss making contracts/
onerous obligations. Accuracy of
revenues and onerous obligations,
profits may deviate significantly on
account of change in judgements and
estimates.
How our audit addressed the key audit matter
Our audit procedures included the following:
 Considering the appropriateness of the Company's
revenue recognition accounting policies and
assessing compliance with the policies in terms of
Ind AS 115.
 We performed test of controls over revenue
recognition with specific focus on determination of
progress of completion, recording of costs incurred
and estimation of costs to complete the remaining
contract obligations through inspection of evidence
of performance of these controls.
 We performed tests of details, on a sample basis,
and inspected the underlying customer contracts,
performed retrospective review of costs incurred
with estimated costs to identify significant
variations and assess whether those variations have
been considered in estimating the remaining costs to
complete and consequential determination of stage
of completion, which formed the basis of revenue
recognition under the input method. We reviewed
the management’s evaluation process to recognize
revenue over a period of time, status of completion
for projects and total cost estimates. We tested the
re-forecast of sample contracts arising from contract
modifications and analysed current on-going
negotiations and settlements that may impair the
profitability of such contracts as well as the
collectability of such contracts by reference to the
recent credit review assessment of the customer
prepared by management.
 We examined contracts with exceptions including
contracts with low or negative margins, loss making
contracts, contracts with significant changes in
planned cost estimates, probable penalties due to
delay in contract execution and significant overdue
net receivable positions for contracts with marginal
or no movement to determine the level of
provisioning required.
 We verified that the contractual positions and
revenue for the year are appropriately presented and
disclosed in the [standalone] Ind AS financial
statements.
Key audit matters
Accounting for lease rental income (as described in note XX of the standalone Ind AS financial
statements)
Lease rental income amounted to INR
XXXX million for the year ended
March 31, 20XX. Generally, lease
revenue is recognized net of discount, in
accordance with the terms of lease
contracts over the lease term on a
straight line basis using a standard IT
system implemented in late 20XX. Also;
there are few lease arrangements where
revenue recognition is not subject to
straight line basis depending on the
nature of the lease arrangements and
performance of the lease. There is an
inherent risk around the accuracy of the
revenue recorded given the complexity
of the IT system and impact of the terms
of lease agreements to the revenue
recognition.
How our audit addressed the key audit matter
Our audit procedures included the following:
 Considering the appropriateness of the Company's
revenue recognition accounting policies and
assessing compliance with the policies in terms of
the applicable accounting standards.
 We performed test of controls, assisted by our IT
specialists, over revenue recognition with specific
focus on whether lease income is recorded over the
lease term on a straight line basis or other applicable
basis as per the terms of the lease contract.
 We performed tests of details, on a sample basis, to
review the case contracts entered into with the
customers to assess whether lease income recorded
is as per the contract terms and also to identify any
non-standard lease clauses and to assess the
appropriateness of the rental income accounting.
 We assessed the completeness of lease rental
income recorded during the year through matching
the data used in the revenue recognition to the
approved lease agreements with the customers.
 We also performed detailed substantive analytical
procedures of lease rental income and the timing of
its recognition.

Provision for slow moving and obsolete inventories (as described in note XX of the standalone Ind
AS financial statements)
The Company imports and sells food
and other products which have a short
life span and expiry period. The
Company has gross inventories of INR
XXXXXX as at March 31, 20XX.
Significant judgement is required in
assessing the appropriate level of the
provision for slow moving and/or
obsolete inventory.
Such judgements include management’s
expectations of forecast inventory
demand, product expiry dates and plans
to dispose of inventories that are close to
expiry.
Our audit procedures included the following:
 Amongst others, observing physical inventory
counts at major locations to ascertain the condition
of inventory and performing testing on a sample of
items to assess the cost basis and net realisable
value of inventory and evaluating the adequacy of
provision for slow moving and obsolete inventories
as at March 31, 20XX.
 We also reviewed the expiry date inventory report to
identify slow moving or obsolete inventories.
 We reviewed next year’s budget to gain an
understanding of the forecast inventory demand,
product expiry dates and inventories disposal plans
for near expiry items to test that the provision for
slow moving and obsolete inventories was
reasonable.

Impairment of Investments in ABC Ltd. (as described in note XX of the standalone Ind AS
financial statements)
During the current year, impairment Our audit procedures included the following:
indicators were identified by the  We assessed the appropriateness of the Company’s
management on the investments in ABC valuation methodology applied in determining the
Ltd. of Rs XX crores. As a result, an recoverable amount. In making this assessment, we
impairment assessment was required to
 Key audit matters How our audit addressed the key audit matter
be performed by the Company by also evaluated the objectivity and independence of
comparing the carrying value of these Company’s specialists involved in the process.
investments to their recoverable amount  We assessed the assumptions around the key drivers
to determine whether an impairment was of the cash flow forecasts including estimated
required to be recognised. reserved, discount rates, expected growth rates and
For the purpose of the above impairment terminal growth rates used.
testing, value in use has been determined
 We also assessed the recoverable value headroom by
by forecasting and discounting future
performing sensitivity testing of key assumptions
cash flows. Furthermore, the value in use
used.
is highly sensitive to changes in some of
the inputs used for forecasting the future  We discussed potential changes in key drivers as
cash flows e.g estimates of oil reserves. compared to previous year / actual performance with
management in order to evaluate whether the inputs
Further, the determination of the
and assumptions used in the cash flow forecasts were
recoverable amount of the investments in
suitable.
ABC Ltd. involved judgment due to
inherent uncertainty in the assumptions  We tested the arithmetical accuracy of the models.
supporting the recoverable amount of
these investments.
Accordingly, the impairment of
investments in ABC Ltd. was
determined to be a key audit matter in
our audit of the standalone Ind AS
financial statements.

[OR]

[When the auditor determines, depending on the facts and circumstances of the entity and the
audit, that there are no key audit matters to communicate – the below statement needs to be
included in the audit report. PPD consultation is Mandatory in this scenario.]

We have determined that there are no [other] key audit matters to communicate in our report.

6
Other Information [or another title if appropriate, such as “Information Other than the
Financial Statements and Auditor’s Report Thereon”]

The Company’s Board of Directors is responsible for the other information. The other information
comprises the [information included in the Annual report7, but does not include the [standalone] Ind AS
financial statements and our auditor’s report thereon.]

Our opinion on the [standalone] Ind AS financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.

In connection with our audit of the [standalone] Ind AS financial statements, our responsibility is to
read the other information and, in doing so, consider whether such other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude that there is a material

6
For reporting on ‘Other Information’ as per SA 720 (Revised), refer our separate document on the firm’s Illustrative Reporting
Language to be used as applicable to the Company and FAQs on SA 720 (Revised). The language included above is when the
auditor has obtained all of the other information prior to the date of the auditor’s report and has not identified a material
misstatement.
7
A more specific description of the other information, such as “the management report and chairman’s statement,” may be
used to identify the other information.
misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.

[Responsibilities of Management for the [Standalone] Ind AS Financial Statements]8

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these [standalone] Ind AS financial statements that give a true and
fair view of the financial position, financial performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance with9 the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of
the Act read with [the Companies (Indian Accounting Standards) Rules, 2015, as amended]10. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the 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] Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the [standalone] Ind AS financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
[Those Board of Directors]11 are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the [Standalone] Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the [standalone] Ind AS financial
statements 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 when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these [standalone] Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the [standalone] Ind AS financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient 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.

8
Para 34 of SA 700 (Revised) states that when those responsible for such oversight are different from those who fulfil the
responsibilities described in paragraph 33, in this case, the heading of this section shall be “Responsibilities of Management
and Those Charged with Governance for the Standalone Financial Statements” or such term that is appropriate in the
context of the legal framework applicable to entity.
9
Where management’s responsibility is to prepare financial statements that give a true and fair view, this may read:
“Management is responsible for the preparation of financial statements that give a true and fair view in accordance with
International Financial Reporting Standards, and for such ...”
10
Engagement teams should include reference to most recent amendment rules as applicable.
11
If para 34 of SA 700 (R) is applicable (as stated above), to be replaced by “Those charged with governance”
 • [Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial
controls system in place and the operating effectiveness of such controls.]12
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company’s ability to 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 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.
• Evaluate the overall presentation, structure and content of the [standalone] Ind AS financial
statements, including the disclosures, and whether the [standalone] Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control 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
were of most significance in the audit of the [standalone] Ind AS financial statements for the financial
year ended March 31, 20XX 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 benefits of such communication.]13

Other Matter

[The Ind AS financial statements of the Company for the year ended March 31, 20XX, included in these
standalone Ind AS financial statements, have been audited by the predecessor auditor who expressed an
[unmodified] opinion on those statements on ____, 20XX.]14

[We did not audit the financial statements and other financial information of ___ (number) branches
included in the accompanying standalone Ind AS financial statements of the Company whose financial
statements and other financial information reflect total assets of Rs. ______ as at March 31, 20XX and
the total revenues of Rs. ________ for the year ended on that date, as considered in the financial
statements/information of these branches have been audited by the branch auditors whose reports have
been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in
respect of branches, is based solely on the report of such branch auditors. Our opinion is not modified

12
When the scope of audit does not include reporting on adequacy and operating effectiveness of entity’s internal financial
control under section 143(3)(i) of the Act – language to be replaced by “Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control.”
13
Paragraph to be included only when auditor reports Key Audit Matters in line with requirements of SA 701.
14
To be included when the Ind AS financial statements of the prior period was audited by a predecessor auditor – refer para 13
to SA 710 (Revised) – ‘Comparative Information—Corresponding Figures and Comparative Financial Statements’
in respect of these matters]15.

[We did not audit the financial statements and other financial information, in respect of _____ (number)
joint operations, whose Ind AS financial statements include total assets of Rs ____ as at
March 31, 20XX, and total revenues of Rs ____ and net cash outflows/(inflows)16 of Rs ___ for the
year ended on that date. These Ind AS financial statements and other financial information of the said
joint operations have been audited by other auditors, whose financial statements, other financial
information and auditor’s reports have been furnished to us by the management. Our opinion on the
standalone Ind AS financial statements, in so far as it relates to the amounts and disclosures included in
respect of these joint operations and our report in terms of sub-sections (3) of Section 143 of the Act,
in so far as it relates to the aforesaid joint operations, is based solely on the report(s) of such other
auditors. Our opinion is not modified in respect of this matter.]17

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, [based on our audit
and on the consideration of report of the other auditors on separate financial statements and the
other financial information of the branches and / or joint operations, as noted in the ‘Other Matter’
paragraph]18 we give in the “Annexure 1” a statement on the matters specified in paragraphs 3 and
4 of the Order.
2. As required by Section 143(3) of the Act, we report 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]19 as required by law have been kept by the Company
so far as it appears from our examination of those books [and proper returns adequate for the
purposes of our audit have been received from the branches not visited by us]20;

(c) [The report[s] on the accounts of the branch office[es] of the Company audited under
Section 143(8) of the Act by branch auditor[s] have been sent to us and have been properly
dealt with by us in preparing this report]21;

(d) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt
with by this Report are in agreement with the books of account [and with the returns received
from the branches not visited by us]22;

(e) In our opinion, the aforesaid [standalone] Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended23;

15
To be included only if applicable.
16
Please delete what is not applicable in the given case
17
To be included only if applicable – i.e. in case of Joint Operations which are audited by other auditors. Engagement teams
should note where joint operation is management certified, the language to be modified accordingly.
18
To be included only if applicable
19
Books of accounts include cost records as may be prescribed under section 148 of the Act, in the case of a company which
belongs to any class of companies specified under that section. The engagement teams should evaluate whether proper cost
records have been kept by the Company while reporting under this clause.
20
To be included only if applicable.
21
To be included only if applicable.
22
To be included only if applicable.
23
Engagement teams should include reference to most recent amendment rules as applicable.
 (f) On the basis of the written representations received from the directors as on March 31, 20XX
taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 20XX from being appointed as a director in terms of Section 164 (2) of the Act;

(g) With respect to the adequacy of the internal financial controls over financial reporting of the
Company with reference to these [standalone] Ind AS financial statements and the operating
effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report24;

(h) In our opinion, the managerial remuneration for the year ended March 31, 20XX has been paid
/ provided by the Company to its directors in accordance with the provisions of section 197 read
with Schedule V to the Act;

(i) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in
its [standalone] Ind AS financial statements – Refer Note XX to the [standalone] Ind AS
financial statements;
[or]
[The Company does not have any pending litigations which would impact its financial
position];

ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts – Refer Note XX to the [standalone] Ind AS financial statements;
[or]
[The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses];

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company
[or]
There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
[or]
Following are the instances of delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company [Describe the delays,
covering date of payment, amount involved and number of days’ delay].

For [S.R. Batliboi & CO. LLP / S.R. Batliboi & Associates LLP / S R B C & CO LLP]
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005 / 101049W/E300004 / 324982E/E300003

______________________________
per [partner name] 25
Partner
Membership Number: []

24
To be included if scope includes reporting on internal financial control under section 143(3)(i) of the Act.
25
The report should be signed in the personal name of the auditor.
UDIN: [] 26
Place of Signature: []27
Date: []28

26
Unique Document Identification Number (UDIN) mandatory for all other attest functions w.e.f. July 1, 2019, however, prior
generation of UDIN is recommended. Engagement teams should insert the 18-digits UDIN generated at the time of issuance of
the audit report.
27
City where audit report is signed.
28
Date on which the report is signed