MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

312 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 Inherent Limitations of Internal Financial Controls with Reference to Financial Statements Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Other Matters Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to 59 subsidiary companies, 5 associate companies and 14 joint ventures, which are companies incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India. The internal financial controls with reference to financial statements insofar as it relates to 3 associate companies and 2 joint ventures, which are companies incorporated in India and included in these consolidated financial statements, have not been audited either by us or by other auditors. In our opinion and according to the information and explanations given to us by the Management, such unaudited associate companies and joint ventures are not material to the Holding Company. Our opinion is not modified in respect of this matter. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.: 101248W/W-100022 Venkataramanan Vishwanath Partner Place : Mumbai Membership No.: 113156 Date : 26 May 2023 ICAI UDIN: 23113156BGYUJG1038