INDEPENDENT AUDITORS REPORT
TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED
Report on the Audit of the Interim Condensed Standalone Financial Statements
We have audited the accompanying interim condensed standalone financial statements ofInfosys Limited ("the Company") which comprise the Condensed Balance Sheet asat March 31 2019 the Condensed Statement of Profit and Loss (including OtherComprehensive Income) for the three months and year ended on that date the CondensedStatement of Changes in Equity and the Condensed Statement of Cash Flows for the yearended on that date and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the interim condensed standalonefinancial statements").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid interim condensed standalone financial statements give a trueand fair view in conformity with Indian Accounting Standard 34
Interim Financial Reporting ("Ind AS 34) prescribed under section 133 of theCompanies Act 2013 (the Act) and other accounting principles generallyaccepted in India of the state of affairs of the Company as at March 31 2019 the profitand total comprehensive income for the three months and year ended on that date changesin equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the interim condensed standalone financial statements inaccordance with the Standards on Auditing (SAs) issued by the Institute of CharteredAccountants of India (ICAI). Our responsibilities under those Standards are furtherdescribed in the Auditors Responsibilities for the Audit of the Interim CondensedStandalone
Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the ICAI together with the independencerequirements that are relevant to our audit of the interim condensed standalone financialstatements under the provisions of the Act and the Rules made thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the interim condensed standalonefinancial statements.
Management Responsibility for the Interim Condensed Standalone Financial Statements
The Companys Board of Directors is responsible for the preparation andpresentation of these interim condensed standalone financial statements that give a trueand fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with Ind AS 34 andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the interimcondensed standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
In preparing the interim condensed standalone financial statements management isresponsible for assessing the Companys ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companys financialreporting process.
Auditors Responsibilities for the Audit of the Interim Condensed StandaloneFinancial Statements
Our objectives are to obtain reasonable assurance about whether the interim condensedstandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditors report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these interim condensed standalonefinancial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the interim condensedstandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on effectiveness of the
Companys internal financial controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompanys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors report to therelated disclosures in the interim condensed standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditors report. However future events orconditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the interimcondensed standalone financial statements including the disclosures and whether theinterim condensed standalone financial statements represent the underlying transactionsand events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the interim condensed standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.
We also communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings that we identifyduring our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
| ||For DELOITTE HASKINS & SELLS LLP |
| ||Chartered Accountants |
| ||(Firms Registration No. 117366W/W-100018) |
| ||P. R. RAMESH |
| ||Partner |
| ||(Membership No.70928) |
|Bengaluru April 12 2019 || |