50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
89
Report on the Standalone financial statements
1.
We have audited the accompanying standalone
financial statements of THE GEM & JEWELLERY
EXPORT PROMOTION COUNCIL (A Company Limited
by Guarantee and not having Share Capital) (hereinafter
referred to as “the Council”) (‘’The Company’’), which
comprise the Balance Sheet as at 31 March 2016,
the Statement of Income and Expenditure, the Cash
Flow Statement for the year ended, and a summary of
significant accounting policies and other explanatory
information.
Management’s Responsibility for the Financial
Statements
2.
The Council’s Committee of Administration (i.e. 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 standalone financial
statements that give a true and fair view of the financial
position, financial performance and cash flows of the
Council in accordance with the accounting principles
generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of
the Council 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 statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
3.
Our responsibility is to express an opinion on these
standalone financial statements based on our audit.
4.
We have taken into account the provisions of the Act, and
the Rules made thereunder including the Accounting
and Auditing Standards and matters which are required
to be included in the audit report under the provisions of
the Act and the Rules made thereunder.
5.
We conductedour audit in accordancewith theStandards
on Auditing specified under Section 143(10) of the
Act and other applicable authoritative pronouncement
issued by the Institute of Chartered Accountants
of India. Those Standards and pronouncements require
that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about
whether the financial statements are free from material
misstatement
6. An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend
on the auditors’ judgment, including the assessment
of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal
financial control relevant to the Council’s preparation of
the financial statements that give a true and fair view,
in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of
expressing an opinion on whether the Council has in
place an adequate internal financial controls system
over financial reporting and the operating effectiveness
of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by
the Council’s Directors, as well as evaluating the overall
presentation of the financial statements.
7. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on these standalone financial statements.
Opinion
8. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by 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 Council as at 31 March 2016, its surplus and
its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As the Council is a Company granted license to
operate under Section 25 of the Companies Act, 1956,
(superseded by section 8 of the Act) and as such is not
covered by the Companies (Auditor’s Report) Order,
2015 (“the Order “) issued by the Central Government of
INDEPENDENT AUDITORS’ REPORT
10 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 as required by
law have been kept by the Council so far as it appears
from our examination of those books;
c)
The Audit Reports and accounts attached thereto for
1.
the Regional Offices of the Council at Delhi, Jaipur,
Chennai, Kolkatta and Surat;
To the Members of
THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
(A Company Limited by Guarantee and not having Share Capital)
