Mahatma Education Society’s

Pillai College of Arts, Commerce & Science

(Autonomous)

NAME: BHUSHAN LAVOO TORASKAR

CLASS: FY BAF
DIV: B
ROLL NO: 646
SUBJECT: AUDIT
 ABOUT THE COMPANY:
Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is an
Indian automobile manufacturer, based in New Delhi. It was founded in 2001 and owned by
the Government of India until 2003, when it was sold to the Japanese automaker Suzuki Motor
Corporation. As of September 2021 Maruti Suzuki has a market share of 49 percent in the Indian
passenger car market.
CEO: Kenichi Ayukawa
Industry: Automotive
Founded: 24 February 198
Founder: Government of India
Headquarters: New Delhi, India
Revenue: 78,994 crore
No. of employees: 19,945

Summarization of Auditor’s Report for the year ended 31st May, 2021:

 OPINION ON FINANCIAL STATEMENTS:

The financial statements of Maruti Suzuki India Limited comprises of Balance Sheet as at 31st
march 2021 and other Comprehensive Statement, the Cash Flow Statement and the Statement
of Changes in Equity for the year ended and a summary of significant fulfilled our other ethical
accounting policies and other explanatory information. In auditor’s opinion, the aforesaid
standalone financial statements give the information required by the Companies Act 2013 in the
manner so required and give a true and fair view in conformity.

 BASIS FOR OPINION:

The audit of the standalone financial statements was conducted in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). The auditor’s
responsibilities are further described in the Auditor’s Responsibility for the Audit of the
Standalone Financial Statements section of the report.

 KEY AUDIT MATTERS:

Key audit matters in professional judgment were of most significant in the audit of standalone
financial statements of that period. These matters were addressed in the context of audit as a
whole and in forming the auditor’s opinion.

 OTHER INFORMATION:
The Company’s Board of Directors is responsible for the other information which comprises the
information statements of that period. These matters were addressed in the context of audit as a
whole and in forming the auditor’s opinion.
 MANAGEMENT’S RESPONSIBILITY:
The management’s responsibility is to prepare standalone financial statements that give a true
and fair view of the financial position. Their responsibility also includes maintenance of
accounting records for safeguarding the assets of the company and for preventing and
detecting the frauds; selection and application of appropriate accounting policies; making
judgments and designing implementation of internal financial records.
 AUDITOR’S RESPONSIBILITY:
The auditor’s responsibility is to obtain reasonable assurance whether the financial statements
are free and misstatement due to fraud error and to issue and auditor’s report the included
their opinion. They obtain an understanding of internal financial control in order to design
audit procedures. They also evaluate the appropriateness of accounting policies and conclude
on the appropriateness of management’s use of the going concern on the basis of accounting
and audit evidence. They also communicate the charges with the governance regarding among
other matters and provide those charges with a statement complies with relevant ethical
requirements.

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