Atul Ltd 2019-20

99 Inherent limitations of internal financial controls over financial reporting 07. 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 08. In our opinion, to the best of our information and according to the explanations given to us, 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, 2020, 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 issued by the Institute of Chartered Accountants of India. For Deloitte Haskins & Sells LLP Chartered Accountants Firm registration number: 117366W|W-100018 Samir R. Shah Partner Mumbai Membership number: 101708 April 28, 2020 UDIN: 20101708AAAABF6262 Standalone | Independent Auditor’s Report