The Foundation is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Foundation in accordance with a Accounting Standards, to the extent applicable, issued by the Institute of chartered Accountants of India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentations of the financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Foundation responsibility is to express an opinion on these financial statements based on its audit. MEF shall conduct audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we aspire to comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the trust in preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
MEF believe that the audit evidences will be disclosed fair and appropriate to provide a basis for foundation audit opinion.
