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Wipro

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« Mar 15
Auditor's Report (Wipro) Year End : Mar '16

We have audited the accompanying standalone financial statements of
Wipro Limited (''the Company''), which comprise the balance sheet as at
March 31, 2016, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information. Management''s
Responsibility for the Standalone Financial Statements

The Company''s 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 and presentation of these standalone 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, 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
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
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these standalone
financial statements based on our audit.

We have taken into account the provisions of the Act, 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.

We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the standalone financial
statements are free from material misstatement. An audit involves
performing procedures to obtain audit evidence about the amounts and
the disclosures in the standalone financial statements. The procedures
selected depend on the auditors'' judgment, including the assessment of
the risks of material misstatement of the standalone financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the standalone financial statements
that give a true and fair view in order to design audit procedures that
are appropriate in the circumstances. An audit also includes evaluating
the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company''s
Directors, as well as evaluating the overall presentation of the
standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.

Opinion

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 Company as
at March 31, 2016 and its profit and its cash flows for the year ended
on that date.

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 of the Act, we give in the Annexure A,
a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, we report, to the extent
applicable, 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 standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the
directors as on March 31, 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2016
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 B; and

Report on Other Legal and Regulatory Requirements (continued)

(g) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, 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 its standalone financial statements - Refer Note
33 and 40 to the standalone financial statements;

ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts - Refer Note 34
and 35 to the standalone financial statements;

iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.

ANNEXURE A TO THE INDEPENDENT AUDITORS'' REPORT

In respect of the Annexure referred to in paragraph 1 of our report to
the Members of Wipro Limited (the Company) for the year ended March
31, 2016, we report that:

(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.

(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, title deeds
of immovable properties are held in the name of the Company.

(ii) The inventory, except goods-in-transit, has been physically
verified by the management during the year and the discrepancies
noticed on such verification between the physical stock and the book
records were not material. In our opinion, the frequency of such
verification is reasonable.

(iii) During the current year, the Company has not granted any loans,
secured or unsecured to parties covered in the register required to be
maintained under Section 189 of the Act. However, in an earlier year,
an interest free loan was granted to a party (wholly owned subsidiary)
covered in the register maintained under Section 189 of the Act.

(a) The Company has not granted any loans, secured or unsecured to the
parties covered in the register maintained under Section 189 of the Act
during the current year.

(b) In the case of a loan granted to the party listed in the register
maintained under Section 189 of the Act, the loan is interest free and
the principal is repayable on demand and the Company has not sought
repayment of the loan during the current year.

(c) There are no overdue amounts in respect of the loan granted to a
party listed in the register maintained under Section 189 of the Act.

(iv) In our opinion and according to the information and explanations
given to us, the Company does not have any transactions to which the
provisions of Section 185 apply. The Company has complied with the
provisions of Section 186 of the Act, with respect to the loans,
investments, guarantees and security.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost
records under Section 148(1) of the Act, for any of the products or
services rendered by the Company.

(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees'' state insurance,
income-tax, sales-tax, service tax, duty of customs, duty of excise,
value added tax, cess and other material statutory dues have generally
been regularly deposited during the year by the Company with the
appropriate authorities.

According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees''
state insurance, income- tax, sales-tax, service tax, duty of customs,
duty of excise, value added tax, cess and other material statutory dues
were in arrears as at March 31, 2016 for a period of more than six
months from the date they became payable.

(b) According to the information and explanations given to us, the
following dues of income tax, duty of excise, duty of customs, sales
tax and service tax, have not been deposited by the Company on account
of disputes:

Name of the Statute Nature of the dues Amount
unpaid *
(Rs. in
millions)

The Income Tax Act, 1961 Income Tax and interest demanded 31,968

The Income Tax Act, 1961 Income Tax and interest demanded 3,101

The Income Tax Act, 1961 Income Tax and interest demanded
(based on 4,247
draft assessment order)

The Income Tax Act, 1961 Income Tax and interest demanded 4

State Sales Tax/VAT and
CST Sales tax, interest and penalty
demanded 1,748
(pertaining to various
states)

State Sales Tax/VAT and
CST Sales tax demanded 375
(pertaining to various
states)

State Sales Tax/VAT and
CST Sales tax and penalty demanded 38
(pertaining to Kerala and
Andhra Pradesh)

The Central Excise
Act, 1944 Excise duty demanded 59

The Central Excise
Act, 1944 Excise duty demanded 175

The Central Excise
Act, 1944 Excise duty demanded 1

The Customs Act, 1962 Customs duty, interest and
penalty demanded 296

The Customs Act, 1962 Customs duty and penalty demanded 7

The Customs Act, 1962 Customs duty demanded 44

The Finance Act, 1994
– service tax Service tax demanded 109

The Finance Act, 1994
– service tax Service tax demanded 386

Name of the Statute Period to which Forum where dispute is
the amount relates pending
(Assessment year)

The Income Tax
Act, 1961 2001-02 to 2007-08 High Court **

The Income Tax Act, 1961 2007-08 to 2011-12 Income tax Appellate
Tribunal

The Income Tax Act, 1961 2012-13 to 2013-14 Dispute Resolution
Panel ***

The Income Tax Act, 1961 2012-13 Appellate Authorities

State Sales Tax/VAT
and CST 1986-87 to 2010-11 Appellate Authorities

State Sales Tax/VAT
and CST 1998-99 to 2009-10 Appellate Tribunal

State Sales Tax/VAT
and CST 1999-00 to 2007-08 High court/Supreme court

The Central Excise
Act, 1944 1995-96 to 2012-13 Appellate Authorities

The Central Excise
Act, 1944 2004-05 to 2010-11 CESTAT

The Central Excise
Act, 1944 2007-08 High Court/Supreme Court

The Customs Act, 1962 1995-96 to 2009-10 Appellate Authorities

The Customs Act, 1962 1991-92 to 2011-12 CESTAT

The Customs Act, 1962 1990-91 to 1998-99 High court/Supreme court

The Finance Act, 1994 2004-05 to 2010-11 Appellate Authorities

The Finance Act, 1994 2001-02 to 2011-12 CESTAT

The amounts paid under protest have been reduced from the amounts
demanded in arriving at the aforesaid disclosure.

**No subsequent demand has been raised as the matter is pending with
High Court based on appeals filed by the department.

*** Pending directions from Dispute Resolution Panel, the Company has
not received any demand for payment.

(viii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of its dues to
the banks. The Company did not have any outstanding dues to any
financial institutions, government or debenture holders during the
year.

(ix) The Company did not raise any moneys by way of initial public
offer or further public offer (including debt instruments) during the
year. In our opinion and according to the information and explanations
given to us, the term loans taken by the Company have been applied for
the purposes for which they were raised.

(x) According to the information and explanations given to us, no fraud
by the Company or on the Company by its officers or employees has been
noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and based
on our examination of the records of the Company, the Company has
paid/provided for managerial remuneration in accordance with the
requisite approvals mandated by the provisions of Section 197 read with
Schedule V to the Act.

(xii) In our opinion and according to the information and explanations
given to us, the Company is not a Nidhi company.

(xiii) According to the information and explanations given to us and
based on our examination of the records of the Company, transactions
with the related parties are in compliance with Sections 177 and 188 of
the Act where applicable and details of such transactions have been
disclosed in the financial statements as required by the applicable
accounting standards.

(xiv) According to the information and explanations give to us and
based on our examination of the records of the Company, the Company has
not made any preferential allotment or private placement of shares or
fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and
based on our examination of the records of the Company, the Company has
not entered into non-cash transactions with directors or persons
connected with him.

(xvi) According to the information and explanations given to us, the
Company is not required to be registered under Section 45 IA of the
Reserve Bank of India Act, 1934.

ANNEXURE - B TO THE INDEPENDENT AUDITORS'' REPORT

Annexure - B to the Independent Auditors'' Report of even date on the
Standalone Financial Statements of Wipro Limited

Report on the Internal Financial Controls under Clause (i) of
Sub-Section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial
reporting of Wipro Limited (the Company) as of March 31, 2016 in
conjunction with our audit of the standalone 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 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
(''ICAI''). 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 company''s 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 Company''s 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 overfinancial 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 overfinancial
reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an
understanding of internal financial controls overfinancial 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
auditor''s judgment, 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 Company''s
internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s 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 company''s 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 authorizations of management and directors
of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or
disposition of the company''s 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, 2016, 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.

for BSR & Co. LLP

Chartered Accountants

Firm registration No.: 101248W/ W-100022

Vijay Mathur

Partner

Membership number: 046476

Bangalore

June 3, 2016

Source : Dion Global Solutions Limited
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