To the Members of Abbott India Limited
Report on the audit of the Ind AS Financial Statements Opinion
We have audited the accompanying Ind AS financial statements of Abbott India Limited("the Company") which comprise the Balance Sheet as at March 31 2020 theStatement of Profit and Loss including the statement of Other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2020 its profit including othercomprehensive income its cash flows and the changes in equity for the year ended on thatdate.
Basis for Opinion
We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing (SAs) as specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements' Section of our report.We are independent of the Company in accordance with the Code of Ethics' issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements for the financial year endedMarch 31 2020. These matters were addressed in the context of our audit of the Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. For each matter below our description of how ouraudit addressed the matter is provided in that context. We have determined the mattersdescribed below to be the key audit matters to be communicated in our report. We havefulfilled the responsibilities described in the Auditor's responsibilities for the auditof the Ind AS financial statements Section of our report including in relation to thesematters. Accordingly our audit included the performance of procedures designed to respondto our assessment of the risks of material misstatement of the Ind AS financialstatements. The results of our audit procedures including the procedures performed toaddress the matters below provide the basis for our audit opinion on the accompanying IndAS financial statements.
|Key audit matter ||How our audit addressed the key audit matter |
|(a) Provision for non-saleable returns (as described in note 23 of the Ind AS financial statements) || |
|The Company makes sales to stockists who further sells products in the market. Stockist have a right of return in case goods expiring while in supply chain till end consumers. Return of these expired goods result in deductions to gross amounts invoiced in arriving at revenue and creation of obligations for the Company to give credit for sales returns. ||Our audit procedures included amongst others |
| ||Obtained an understanding of management process for making provision for non-saleable returns including related controls. |
| ||Tested the Company's key controls relating to the deductions made to gross sales for sales returns including those controls over booking of sales and sales return process. |
|The amounts pertaining to such sales return are estimated at the time of sale and deducted from gross sales and recorded as provisions for sales returns. These estimates are based on analysis of historical trends of sales return and shelf life of the products. ||We obtained management's calculations for provisions recalculated the amounts and validated the assumptions used by reference to historical sales returns levels and current trends. |
|The management has determined provision for sales returns amounting to Rs. 14421.36 Lakhs which have been recorded at March 31 2020 (including reimbursable sales return amounting to Rs. 5756.81 Lakhs). ||We considered the management's estimates by comparing historical accrued provisions and revenue deductions recorded to the actual amounts. |
|We focused on this area because establishing an appropriate year-end position requires significant judgement and estimation by the management. The assumptions required for estimating provisions for sales returns are complex in nature the estimates may not be appropriate and as a result provisions and revenue may be incorrectly recorded. ||We tested the working of discounting of non-current provisions for sales return prepared by the management. |
| ||We understood and assessed the Company's revenue recognition accounting policies including the recognition and measurement of deductions to gross sales relating to sales returns and related disclosures. |
|(b) Evaluation of uncertain tax positions (as described in note 38 of the Ind AS financial statements) || |
|The Company has litigations involving question of law and certain disallowances made by authorities in assessment orders that the Company has appealed against before the relevant appellate authorities. ||We obtained an understanding of the management's process for : |
|The Company has disclosed Rs. 7343.74 Lakhs as Contingent liability (including uncertain tax positions for open assessment orders) in accordance with Ind AS 37 Provisions Contingent Liabilities and Contingent Assets based on management's assessment in consultation with professional advice from the external legal counsel. ||- identification of tax matters initiated against the Company |
|The eventual outcome of the legal proceedings is dependent on the outcome of future events and unexpected adverse outcomes could significantly impact the Company's reported profits and Balance Sheet position. ||- assessment of accounting treatment for each such litigation identified under Ind AS 37 accounting principles and for measurement of amounts involved. |
|Key judgments are also made by the management in estimating the amount of contingent liabilities related to aforementioned litigations. ||We evaluated the design and tested the operating effectiveness of controls around the above process. |
| ||We obtained an understanding of the nature of litigations pending against the Company and discussed the key developments during the year with the management. |
|Considering the degree of judgment significance of the amounts involved inherent high estimation uncertainty and reliance on external legal counsel this matter has been identified as a key audit matter for the current year audit. ||We focused on the key developments in the tax litigation during the year which could have materially impacted the amounts recorded as provisions or disclosed as contingent liability in the financial statements. We reviewed the demand notices assessment orders received during the year for all such cases and obtained grounds of appeal submitted by the management in consultation with their external legal counsel. |
| ||We assessed the appropriateness of methods used and the reliability of underlying data for quantifying the amounts involved. We also tested the arithmetical accuracy of such calculations. |
| ||We reviewed external legal counsel's response to ensure that the conclusions reached are supported by sufficient legal rationale. |
| ||We also tested the independence objectivity and competence of such external legal counsel involved. |
| ||We have obtained direct confirmation for litigation cases from the external legal counsel to support the decisions and rationale for disclosure of contingent liabilities in respect of the litigation cases. |
| ||We engaged internal tax specialists to evaluate management assessment of the outcome of such litigation cases. The tax specialists considered legal precedence and other rulings in evaluating management's position on such litigation cases. |
| ||We have evaluated the adequacy of disclosures made by the Company in the financial statements in view of the requirements as specified in the Indian Accounting Standards. |
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the Other information. The Otherinformation comprises the Director's Report Management Discussion and Analysis CorporateGovernance Report but does not include the Ind AS financial statements and ourauditor's report thereon. The Other information is expected to be made available to usafter the date of this auditor's report.
Our opinion on the Ind AS financial statements does not cover the other information andwe will not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements our responsibility isto read the Other information identified as above and in doing so consider whether theother information is materially inconsistent with the Ind AS financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated.
Responsibilities of Management for the Ind AS Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these Ind AS give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
In preparing the Ind AS financial statements management responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Ind AS financial statements.
As part of an audit in accordance with Standards on Auditing
(SAs) we exercise professional judgment and maintain professional skepticismthroughout the audit. We also :
Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk statements that of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) ofthe Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements forthe financial year ended March 31 2020 and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
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 ofthe Act we give in the Annexure 1 a statement on the matters specified in paragraphs 3and 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 bestof our knowledge and belief were necessary for the purpose of our audit;
(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;
(c) The Balance Sheet Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;
(d) In our opinion the aforesaid Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;
(e) On the basis of written representations received from the directors as on March 312020 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164 (2) ofthe Act;
(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these Ind AS financial statements and theoperating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;
(g) In our opinion the managerial remuneration for the year ended March 31 2020 hasbeen paid/ provided by the Company to its directors in accordance with the provisions ofSection 197 read with Schedule V to the Act;
(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its Ind AS financial statements Refer Note 38 to the Ind AS financialstatements;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company.
ANNEXURE _ TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF ABBOTT INDIA LIMITED
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) Some fixed assets were physically verified by the management during the year inaccordance with a planned programme of verifying them once in three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thename of the Company except for the following :
|Sr. No. Asset Category ||Gross Block at March 31 2020 (Rs. in Lakhs) ||Net Block at March 31 2020 (Rs. in Lakhs) ||Remarks |
|1 Buildings ||641.98 ||539.52 ||The title deeds are in the erstwhile name of the Company. |
|2 Buildings ||3050.61 ||2701.88 ||The title deeds are in the name of the entities that was merged with the Company. |
(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification. Inventories lying with third parties have been confirmed by them as at yearend and no material discrepancies were noticed in respect of such confirmations.
(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities given in respect of whichprovisions of Section 185 and 186 of the Companies Act 2013 are applicable and hence notcommented upon.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records underSection 148 (1) of the Companies Act 2013 related to the manufacture of pharmaceuticalproducts and are of the opinion that prima facie the specified accounts and records havebeen made and maintained. We have not however made a detailed examination of the same.
(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax duty of custom goodsand service tax cess and other statutory dues applicable to it with appropriateauthorities though there have been delays in few cases for payment of professional taxand provident fund.
(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax duty ofcustom goods and service tax cess and other statutory dues were outstanding at the yearend for a period of more than six months from the date they became payable except asbelow :
|Name of the Statute ||Nature of Dues ||Amount in Rs. Lakhs ||Period to which the amount relates ||Due date ||Date of payment |
|The Jharkhand tax on Professions Trades Callings and Employment Act 2011 ||Profession tax ||0.17 ||April 2019-June 2019 ||July 15 2019 ||May 29 2020 |
(c) According to the records of the Company the dues of income tax sales tax servicetax duty of custom duty of excise value added tax and cess on account of any disputeare as follows :
|Name of Statute ||Nature of Dues ||Amount disputed in Rs. Lakhs (net of payments) ||Forum where dispute is pending ||Period to which the amount relates |
|Income Tax Act 1961 ||Income Tax ||277.10 ||ITAT ||A.Y. 2006-07 and A.Y. 2011-12 |
|Income Tax Act 1961 ||Income Tax ||3338.71 ||CIT(A) ||A.Y. 2004-05 A.Y. 2016-17 and A.Y. 2017-18 |
|Central Excise Act 1944 ||Excise Duty ||3.20 ||Commissioner (Appeals) ||1991-1992 |
| || ||3.56 ||Commissioner ||1994 - 1995 |
| || ||2.51 ||Assistant Commissioner ||1994 and 1997 to 2002 |
| || ||26.72 ||CESTAT ||2005 to 2006 |
|Customs Act 1962 ||Custom Duty ||4.43 ||Commissioner (Appeals) ||1996 |
| || ||75.00 ||CESTAT ||2011 to 2013 |
|The Bombay Sales Tax Act 1959 ||Sales Tax ||39.87 ||Deputy Commissioner of Sales Tax ||1999-2000 |
|Uttar Pradesh Value Added Tax Act 2008 ||Value Added Tax ||1.50 ||Additional Commissioner Appeal Grade- 2 Commercial Tax ||2008-09 and 2009-10 |
|The Assam Central Sales Tax Act 1956 ||Sales Tax ||10.23 ||Commissioner of Commercial Tax ||2012-13 |
|Kerala General Sales Tax Act 1963 ||Sales Tax ||13.05 ||Sales Tax Appellate Tribunal Additional Bench ||2002-03 |
|Goa Value Added Tax Act 2005 ||Value Added Tax ||2.07 ||Additional Commissioner of Commercial Taxes Panaji Goa ||2006-07 |
|Central Sales Tax 1956 (Goa) ||Sales Tax ||633.91 ||Additional Commissioner of Commercial Taxes Panaji Goa ||2006-07 and 2007-08 |
| || ||16.67 ||Assistant Commissioner of Commercial Taxes Panaji Goa ||2009-10 |
|Central Sales Tax Act 1956 (Gujarat) ||Sales Tax ||5.33 ||The Joint Commissioner of Taxes Gujarat ||2015-16 and 2016-17 |
|The West Bengal - Value Added Tax Rules 2005 ||Value Added Tax ||33.77 ||Additional Commissioner of Sales Tax West Bengal ||2016-17 |
|The Central Sales Tax (West Bengal) Rules 1958 ||Sales Tax ||2.70 ||Additional Commissioner of Sales Tax West Bengal ||2016-17 |
|Maharashtra Value Added Tax Act 2002 ||Value Added Tax ||2767.18 ||Deputy Commissioner of Sales Tax (Appeals) ||2011-12 |
(viii) The Company did not have any outstanding loans or borrowing dues in respect of afinancial institution or bank or to government or dues to debenture holders during theyear.
(ix) According to the information and explanations given by the management the Companyhas not raised any money by way of initial public offer/further public offer/debtinstruments and term loans hence reporting under clause (ix) is not applicable to theCompany and hence not commented upon.
(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no material fraud onthe Company by the officers and employees of the Company has been noticed or reportedduring the year.
(xi) According to the information and explanations given by the management themanagerial remuneration has been paid/ provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Companies Act 2013.
(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with Section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overallexamination of the Balance Sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe Company and not commented upon.
(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in Section 192 of Companies Act 2013.
(xvi) According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.
ANNEXURE _ TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF ABBOTT INDIA LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of AbbottIndia Limited ("the Company") as of March 31 2020 in conjunction with our auditof the financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing as specified under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks 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 toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that
(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.