Aurangabad Distillery Auditors Report


To,

The Members of Aurangabad Distillery Limited Report on the audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Aurangabad Distillery Limited ("the Company") which comprises the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss and Statement of Cash Flow for the year ended on that date, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. (Hereinafter referred to as the "Financial Statements") In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 with the Accounting Standards prescribed under section 133 of the Act & other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and its profit, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the 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 financial statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs 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 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 financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

There are no significant Key Audit matters that need to be reported for the current period.

Emphasis of Matter

We draw your attention to the following points –

1. Note No. 10 ‘Trade Payables, Note No. 11 ‘Other Current Liabilities, Note No. 18 ‘Trade Receivables and Note No. 22 ‘Other Current Assets of the financial statements disclose the balances outstanding as on the date of the balance sheet of Trade payables, Trade Receivable and Trade Advances taken and given. Though balance confirmations were requested from the respective parties, majority of the same were not received before the conclusion of audit and are thus subject to confirmation. However, we have adopted alternative audit procedures to confirm such balances.

2. The Company has changed the method of valuation of inventories as per AS-2 from FIFO method to Weighted Average method during the year. The change in the accounting policy was implemented due to the rate variations in purchase of primary raw material (Molasses) arising due to its seasonal nature of production. Such change in accounting policy has decreased the valuation on inventories by Rs. 188.37 lakhs as on 31st March 2023.

Our opinion is not modified in respect of above matters.

Information other than the financial statements and auditors report thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion & analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance & shareholders information, but does not include the financial statements and our auditors report thereon. Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

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.

Responsibilities of Management & Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. 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 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Companys 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. The Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors 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 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 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.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Companies Act, 2013, 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.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in -• planning the scope of our audit work and in evaluating the results of our work; and • to evaluate the effect of any identified misstatements in the financial statements.

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 financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors 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.

Other Matters

There are no matters reportable under this head.

Report on Other Legal and Regulatory Requirements:

1. Companies (Auditors Report) Order 2020, issued by Central Government of India in terms of sub section (11) of the Section 143 of the Companies Act, 2013 is applicable to the company. We are giving in Annexure a statement on the matters specified in paragraph 3 & 4 of the Order to the extent possible. (Annexure 1)

2. As required by Section 143(3) of the Act, based on our audit, 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 as required by law have been kept by the Company so far as it appears from our examination of those books. c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, e. On the basis of the written representations received from the directors as on 31st March 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2023 from being appointed as a director in terms of Section 164 (2) of the Act. f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2". Our report expresses an unmodified opinion on the adequacy & operating effectiveness of the Companys internal financial control over financial reporting. g. In our opinion & to the best of our information & according to the explanations given to us, the remuneration paid by the company to its directors during the year is in accordance with the provisions of Section 197 read with Schedule V of the Act. h. With respect to the other matters to be included in the Auditors 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 Note No. 35 of the financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. iv. The management of the Company has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. v. ThemanagementoftheCompanyhasrepresented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds (which are material either individually or in the aggregate) have been received by the company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. vi. Based on the appropriate audit procedures that has been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (i) & (ii) of Rule 11(e) as provided in point no. iv & v above contains any material misstatement. vii. The company has not declared or paid any dividend during the year in contravention of the provision of Section 123 of the Companies Act 2013.

For HMA & Associates

Chartered Accountants

FRN 100537W

CA Anand Joshi
Partner

Date: - 27th May 2023

Membership No. 113805

Place: - Pune

UDIN: - 23113805BGWGDH8212

ANNEXURE TO INDEPENDENT AUDITORS REPORT

As per point 3 of Companies (Auditors Report) Order, 2020 dt.25th February 2020.

Referred to in Paragraph 1 under the heading of "Report on other legal & regulatory requirements" of our report of even date.

Re: - Aurangabad Distillery Limited for the F.Y. 2022-23

1. Property, plant & equipment and intangible assets –a) The Company has maintained proper record showing full particulars, including quantitative details and situation of Property, Plant & Equipment. b) The Company does not have any intangible assets. c) The management has physically verified the Property Plant & Equipment at reasonable intervals. We have been informed that no material discrepancies were noticed on such verification as compared to book records. d) The title deeds of all immovable properties (other than leased properties under duly executed agreement) of Company are held in the name of the company. e) The company has not revalued its Property Plant & Equipment (including right to use assets) or intangible assets during the year. f) No proceedings have been initiated or pending against the company or holding any benami property under Benami transactions (prohibition) Act,1988 (45 of 1988) and rules made there under. Hence, no disclosure of such details is required.

2. Inventory –a) The inventory has been physically verified at the reasonable intervals by the management. In our opinion, the coverage and procedure of such verification by management is appropriate. Discrepancies of 10% or more in aggregate for each clause of inventory were not noticed.

3. Investments made, Guarantee/Security provided, or Loans granted –a) The company has provided loans, or advances in the nature of loans to other companies - There are no subsidiaries, joint ventures, or associates of the Company. Hence no loans, advances or guarantees have been provided to such entities.

In case of parties other than subsidiaries, joint ventures, or associates – the aggregate amount given during the year was Rs. 87 lakhs and the balance outstanding as on the balance sheet date was Rs. 1,500 lakhs.

Periodicity

As submitted to bank As per books of accounts

Difference

Q-1 7,549.59 7,605.97 -56.38
Q-2 8,434.24 8,330.25 103.99
Q-3 5826.71 6,285.62 -458.91
Q-4 6,105.04 5,990.83 114.21

(Rs. in Lakhs) b) The company has been sanctioned working capital limits in excess of Rs. 5 crores in aggregate from banks on the basis of security of current assets. Quarterly statements are filed with such Banks which are not in agreement with the books of account, which is as per the explanations given by the company in Note No. 39 of the Financial Statements of the company. The

Particulars

Guarantees Security Loans Advances in the nature of loans
Aggregate amount granted / provided during the year
Others Nil Nil 87.00 Nil

Balance Outstanding as at balance sheet date in respect of above cases

Others Nil Nil 1,500.00 Nil

b) The terms and conditions of such loans granted are not prejudicial to the interest of the company. c) In respect of loans and advances and advances in the nature of loans, the schedule of repayment of principal and payment of interest have not been stipulated. In the absence of stipulation of repayment terms are unable to comment on the regularity of repayment of principal and payment of interest.

d) No amount is overdue for more than 90 days. No reasonable steps are required to be taken by the company for recovery of principal and interest. e) No loans – which have fallen due during the year – have been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties. f) Company has granted loans or advances in the nature of loans which are either repayable on demand or without specifying the term or period of repayment as given below -

Par culars

All par es Promoters Related par es

Aggregate amount of loans or advances in the nature of loans -

A Repayable on demand Nil Nil Nil
B Terms or period of repayment not speci ed Nil Nil 1,500

Total A + B

Nil Nil 1,500

Total loans or advances in the nature of loans

Nil Nil 1,500
Percentage to total loans 0% 0% 100%

4. Loans to Directors, Investment, Guarantees & Security by Company a) Company has not granted any loans or given guarantees or provided any security in connection with the loan – directly or indirectly - to Directors or any other person in whom Directors are interested in contravention of Section 185 of Companies Act 2013. b) Company has not granted any loan or given guarantee or made investment or provided security in contravention of Section 186 of Companies Act 2013.

5. Deposits a) The Company has not accepted any deposits. Hence our comments on compliance of the directives of Reserve Bank of India, provisions of Sec.73 to 76 or any other relevant provisions of the Companies Act 2013 & the rules framed there under are not required. b) The nature of contravention - not applicable. c) No order has been passed by Company Law Board, or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal requiring any compliance.

6. Cost records

The Company is required to maintain cost records pursuant to Section 148(1) of the Companies Act 2013.

We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

7. Statutory dues a) According to the information & explanations given to us, Company is regular in depositing undisputed statutory dues including Goods & Service Tax, Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Custom Duty, Excise Duty, VAT, Cess and any other statutory dues with appropriate authority. b) No such undisputed dues were outstanding as at the last day of financial year for a period of more than six months from due date. c) Dues outstanding on account of any dispute pending with any forum are to the extent of Rs. 1.88 lakhs on account of TDS defaults and Rs. 1782.31 lakhs on account of M-VAT liability against which Writ Petition is pending in the Honble High Court.

. Disclosures under Income tax

No amount of any transactions not recorded in the books of accounts have been surrendered or disclosed as incurred during the year in the tax assessments under Income Tax Act,1961.

. Repayment of loans a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender. b) The company has not been declared as willful defaulter by any bank or FI or any other lender. c) The term loans were applied for the purpose for which the loans were obtained. Hence, our comment on amount of loan so diverted and the purpose for which it was used is not required. d) The funds raised on short term basis were not utilized for long term purpose. According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the company, we report that no funds raised on short-term basis have been used for long-term purposes by the company. e) The company has not taken any funds from any entity or person on account of or to meet the obligation of its subsidiaries, JV or associates. f) The Company does not have any subsidiaries, joint ventures or associate companies. Hence, we are not required to report whether the company has raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

. Utilization of IPO & further public offer a) The Company has not raised funds by way of IPO or any Public offer (including Debt instrument) during the year. Hence, our comment on application of funds for the purpose of which those were raised and details of any delays or defaults is not required. b) The company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Hence our comments on compliance of section 42 and 62 of Companies Act, 2013 and utilization of funds for the purpose for which the funds were raised is not required.

11. Fraud a) No fraud by the company or on the Company has been noticed or reported during the year. Hence our comments on the nature of fraud and the amount involved are not required. b) No report u/s 143(12) of the Companies Act, 2013 has been filed in form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the central Government. c) As represented to us by the management, there are no whistle blower complaints received by the company during the year.

12. Nidhi company

The Company is not a Nidhi Company & hence our comments related to Nidhi Company are not attracted.

13. Related party transactions

All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

14. Internal audit -a) In our opinion and based on our examination, the company has an internal audit system commensurate with the size and nature of its business. b) We have considered the internal audit reports of the company issued till date, for the period under audit.

15. Non-cash transactions

According to the information and explanations given to us, in our opinion during the year the company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the company.

16. Registration with RBI a) Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and hence, the registration has not been obtained. b) Company has not conducted any non-banking financial or housing finance activity without a valid certificate of registration from RBI. c) Company is not a core investment company (CIC) and hence our comments on its continuous fulfilment of criteria of CIC is not required. d) The group do not have one or more CIC as part of the group.

CA Anand Joshi
Partner
Membership No. – 113805
UDIN: - 23113805BGWGDH8212

Place: - Pune

Date: - 27th May 2023

17. Cash Losses

The company has not incurred cash loss during the financial year and also in the preceding financial year.

18. Resignation of statutory auditor

There has been no resignation of the statutory auditors during the year hence it is not necessary to consider the issues, objections or concerns raised by the outgoing auditor.

19. Material uncertainty

According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

20. CSR Projects

In respect of other than ongoing projects, the company has spent the amount required to be spent before expiry of the financial year in compliance with provisions of section 135 of the Companies Act 2013 & is not required to transfer the unspent amount to a Fund specified in Schedule VII. The Company has not undertaken any ongoing projects.

21. Qualifications in the consolidated financial statements

The Company is not required to present consolidated financial statements.

The reasons for any of our unfavourable or qualified report/ remark are mentioned in the relevant point itself.

For HMA & Associates

Chartered Accountants FRN – 100537W

We have audited the internal financial controls over financial reporting of Aurangabad Distillery Limited as of March 31, 2023 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the Company considering the essential

FRN 100537W
CA Anand Joshi
Partner
Membership No. 113805
UDIN: - 23113805BGWGDH8212

Place: - Pune

Date: - 27th May 2023

components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.