18. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
19. The audit of standalone financial statements for the corresponding year ended 31 March 2020 included in the standalone financial statements was carried out and reported jointly by statutory auditors, being M/s V.K. Dhingra & Co., M/s A.K. Sabat & Co., M/s Tej Raj & Pal and M/s. S. Jaykishan who have expressed modified opinion vide their audit report dated 10 July 2020 whose report has been furnished to us and relied upon by us for the purpose of our audit of the standalone financial statements. Our opinion is not modified in respect of this matter.
20. We did not audit the annual financial statements of twelve branches / units / marketing regions included in the standalone financial statements, whose annual financial statements reflects total assets of ''57,626.92 crores as at 31 March 2021 and total revenues of ''24,880.53 crores, total net profit after tax of ''3,100.55 crores, total comprehensive income of ''3,248.23 crores and cash inflows (net) of ''16.38 crores for the year then ended, as considered in the standalone financial statements. These financial statements have been audited by the branch auditors, whose reports have been furnished to us by the management, and our opinion, in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the audit report of such branch auditors. Our opinion is not modified in respect of the above matter with respect to our reliance on the work done by and the reports of the branch auditors.
Report on other legal and regulatory requirements
21. As required by the Companies (Auditor''s Report) Order, 2016 (‘the Order'') issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure 1'' a statement on the matters specified in paragraphs 3 and 4 of the Order.
22. Further to our comments in Annexure 1'', as required by section 143(3) of the Act, based on our audit, and on the consideration of the reports of the branch auditors as referred to in paragraph 20 above, 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 purpose of our audit of the accompanying standalone financial statements;
b) except for the effects of the matters described in the Basis for Qualified Opinion section, 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 and proper returns adequate for the purposes of our audit have been received from the branches not visited by us;
c) the reports on the accounts of the branches of the Company audited under section 143(8) of the Act by the branch auditors have been sent to us and have been properly dealt with by us in preparing this report;
d) the standalone financial statements dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;
e) except for the effects of the matters described in the Basis for Qualified Opinion section, in our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;
f) the provisions of section 164(2) of the Act are not applicable to the Company since the Company is a Government company as defined under section 2(45) of the Act;
g) the qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion section;
h) with respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure 2''; and
i) with respect to the other matters to be included in the Auditors'' Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the branch auditors as referred to in paragraph 20 above:
i. except for the effects of the matters described in paragraphs 3 and 4 of the Basis for Qualified Opinion section, the standalone financial statements disclose the impact of pending litigations on the standalone financial position of the Company as at 31 March 2021, as detailed in notes 47.1 and 47.2 to the standalone financial statements;