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23 Annual Report 2022-23
rd

Independent Statutory Auditor’s Report for FY 2022-23

To,
The Board of Trustees,
Credit Guarantee Fund Trust for Micro and Small Enterprises,
Mumbai.

1. We have audited the attached Financial Statements using the going concern basis of accounting unless
of Credit Guarantee Fund Trust for Micro and Small management either intends to liquidate the entity or to
Enterprises for year ended 31st March, 2023 comprising cease operations, or has no realistic alternative but to
of Balance Sheet, the Income and Expenditure Account, do so. Those charged with governance are responsible
the Cash Flow Statement and Notes thereon. The for overseeing the entity’s financial reporting process.
financial statements are the responsibility of the Trust’s 4. Auditor’s Responsibilities for the Audit of the Financial
Management. Our responsibility is to express an opinion Statements: Our objectives are to obtain reasonable
on these financial statements based on our audit.
assurance about whether the financial statements as
2. We have conducted our audit in accordance with a whole are free from material misstatement, whether
the Accounting Standards generally accepted in due to fraud or error, and to issue an auditor’s report that
India. Those standards require that, we plan and includes our opinion. Reasonable assurance is a high
perform the audit to obtain reasonable assurance level of assurance, but is not a guarantee that an audit
about whether the financial statements are free from conducted in accordance with SAs will always detect
material misstatements. An audit includes examining a material misstatement when it exists. Misstatements
on a test basis, evidence supporting the amounts and can arise from fraud or error and are considered
disclosures in the financial statements. An audit also material if, individually or in the aggregate, they could
includes assessing the accounting principles used and reasonably be expected to influence the economic
the significant estimates made by the Management, decisions of users taken on the basis of these financial
as well as evaluating the overall financial statement statements.
presentation. We believe our audit provides a reasonable 5. We report that
basis for our opinion.
a) We have obtained all the necessary information
3. Responsibilities of Management and Those Charged and explanations which, to the best of our
with Governance for the Financial Statements: knowledge and belief, were necessary for the
Management is responsible for the preparation of these purpose of our audit.
financial statements that give a true and fair view of the
state of affairs, results of operations and cash flows of b) In our opinion, proper books of accounts are
the entity in accordance with the accounting principles maintained, as required by the Trust, so far as it
generally accepted in India. This responsibility includes appears from our examination of these books.
the design, implementation and maintenance of internal c) The Balance Sheet, Income and Expenditure
control relevant to the preparation and presentation of Account and the Cash Flow Statement dealt with
the financial statements that give a true and fair view by the report are in agreement with the books of
and are free from material misstatement, whether due accounts.
to fraud or error. In preparing the financial statements,
management is responsible for assessing the entity’s d) In our opinion, the financial statements, read
ability to continue as a going concern, disclosing, together with the notes thereon, give true and fair
as applicable, matters related to going concern and view and are in conformity with the accounting
principles generally accepted in India, namely

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