Annual Report
2023-24
Fountainhead of Excellence
Opinion
Independent Auditors’ Report
to the Members of Madras Management Association
WehaveauditedthefinancialstatementsofMADRASMANAGEMENTASSOCIATION(the"Association"),whichcomprisetheBalanceSheetason March31,2024,andtheIncomeandExpenditureAccountfortheyearthenended,andasummaryofsignificantaccountingpolicies.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidfinancialstatementsgiveatrueand fairviewofthefinancialpositionoftheAssociationasonMarch31,2024,andofitsfinancialperformancefortheyearthenendedinaccordance withtheAccountingStandardsissuedbytheInstituteofCharteredAccountantsofIndia(ICAI).
BasisforOpinion
WeconductedourauditinaccordancewiththeStandardsonAuditing(SAs)issuedbyICAI.Ourresponsibilitiesunderthosestandardsarefurther describedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheAssociationin accordancewiththeCodeofEthicsissuedbyICAIandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeCodeofEthics.We believethattheauditevidenceobtainedbyusissufficientandappropriatetoprovideabasisforourauditopiniononthefinancialstatements.
InformationOtherthantheFinancialStatementsandAuditor’sReport
TheAssociation'sManagementisresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheAnnual Performancereport,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon.
Ouropiniononthefinancialstatementsdonotcovertheotherinformationandwewillnotexpressanyformofassuranceconclusionthereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationidentifiedabovewhenitbecomes availableand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththestandalonefinancialstatementsorour knowledgeobtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.
WhenwereadtheManagement’sAnnualperformancereportifweconcludethatthereisamaterialmisstatementtherein,wearerequiredto communicatethemattertothosechargedwithgovernanceasrequiredunderSA720‘TheAuditor’sresponsibilitiesRelatingtoOtherInformation’.
ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatements:
Association'sManagementisresponsibleforthepreparationofthesefinancialstatementsthatgiveatrueandfairviewofthestateofaffairsofthe AssociationandfinancialperformanceoftheAssociationinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia.This responsibilityincludessafeguardingtheassetsoftheAssociationandforpreventinganddetectingfraudsandotherirregularities;selectionand applicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableprudent;anddesign,implementation,and maintenanceofadequateinternalfinancialcontrolrelevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueand fairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingthefinancialstatements,managementisresponsibleforassessingtheAssociation'sabilitytocontinueasagoingconcern,disclosing, asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatethe Associationortoceaseoperations,orhasnorealisticalternativebuttodoso.
ThosechargedwithgovernanceareresponsibleforoverseeingtheAssociation'sfinancialreportingprocess.
Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements:
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatements,asawhole,arefreefrommaterialmisstatement, whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurancebutis notaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise fromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomic decisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformaudit proceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskof notdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery, intentionalomissions,misrepresentations,ortheoverrideofinternalfinancialcontrol.
Obtainanunderstandingofinternalfinancialcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthe circumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheAssociation'sinternalfinancialcontrol.
Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadeby management.
Concludeontheappropriatenessofmanagement'suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained, whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheAssociation'sabilitytocontinueasa goingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelated disclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheaudit evidenceobtaineduptothedateofourauditor'sreport.However,futureeventsorconditionsmaycausetheAssociationtoceasetocontinue asagoingconcern.
Evaluatetheoverallpresentation,structure,andcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancial statementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
Materialityisthemagnitudeofmisstatementsinthefinancialstatementsthat,individuallyorinaggregate,makesitprobablethattheeconomic decisionsofareasonablyknowledgeableuserofthefinancialstatementsmaybeinfluenced.Weconsiderquantitativematerialityandqualitative factorsin(i)Planningthescopeofourauditworkandinevaluatingtheresultsofourwork;and(ii)Toevaluatetheeffectofanyidentified misstatementsinthefinancialstatements.
Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregarding independence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence, andwhereapplicable,relatedsafeguards.
Place: Chennai
Date: July 5, 2024
For DELOITTE HASKINS AND SELLS Chartered Accountants (Firm’s Registration No. 008072S) Rekha Bai Partner (Membership No.: 214161)