Annual Report 2016-17

•

229

Independent Auditors’ Report

To The Members of

Persistent Systems Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS onancial statements of

Persistent Systems Limited

(“the

Company”), which comprise the Balance Sheet as at March 31, 2017, the Statement of Proot and /oss (including Other

Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and

a summary of the signiocant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Ind AS 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 of these standalone Ind AS onancial statements that give a true and fair

view of the onancial position, onancial performance including other comprehensive income, cash pows and changes in

equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian

Accounting Standards (Ind AS) prescribed under section 133 of the Act.

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 onancial controls, that were operating

effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and

presentation of the standalone Ind AS onancial statements that give a true and fair view and are free from material

misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone Ind AS onancial statements based on our audit.

In conducting 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 of the standalone Ind AS onancial statements in accordance with the Standards on Auditing

specioed 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 Ind AS onancial statements are

free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the

standalone Ind AS onancial statements. The procedures selected depend on the auditors’ judgment, including the

assessment of the risks of material misstatement of the standalone Ind AS onancial statements, whether due to fraud

or error. In making those risk assessments, the auditor considers internal onancial control relevant to the Company’s

preparation of the standalone Ind AS onancial 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 Ind AS onancial statements.

We believe that the audit evidence obtained by us, is sufocient and appropriate to provide a basis for our audit opinion

on the standalone Ind AS onancial statements.