ANNUAL REPORT 2024-25
Place: Chennai
Date: July 4, 2025
K Mahalingam President
M P Surya Prakas Hon Treasurer
Opinion
Independent Auditors’ Report
to the Members of Madras Management Association
WehaveauditedtheaccompanyingfinancialstatementsofMADRASMANAGEMENTASSOCIATION(the"Association"),whichcomprisethe BalanceSheetasonMarch31,2025,andtheIncomeandExpenditureAccountfortheyearthenendedonthatdate,andnotestothefinancial statements,includingasummaryofsignificantaccountingpolicies
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidfinancialstatementsgiveatrueand fairviewofthefinancialpositionoftheAssociationasonMarch31,2025,andofitsfinancialperformancefortheyearthenendedinaccordance withtheAccountingStandardsissuedbytheInstituteofCharteredAccountantsofIndia(“ICAI”)andotheraccountingprinciplesgenerally acceptedinIndia.
BasisforOpinion
WeconductedourauditoffinancialstatementsinaccordancewiththeStandardsonAuditing(“SA”s)issuedbyICAIOurresponsibilitiesunder thosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreportWeare independentoftheAssociationinaccordancewiththeCodeofEthicsissuedbyICAIandwehavefulfilledourotherethicalresponsibilitiesin accordancewiththeICAI’sCodeofEthicsWebelievethattheauditevidenceobtainedbyusissufficientandappropriatetoprovideabasisforour auditopiniononthefinancialstatements
InformationOtherthantheFinancialStatementsandAuditor’sReport
TheAssociation'sBoardisresponsiblefortheotherinformationTheotherinformationcomprisestheinformationincludedintheAnnual Performancereport,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformation,indoingso,considerwhetherthe otherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedduringthecourseofourauditorotherwise appearstobemateriallymisstated
If,basedontheworkwehaveperformedontheotherinformationthatweobtainedpriortothedateofthisauditor’sreport,weconcludethat thereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfactWehavenothingtoreportinthisregard
ResponsibilitiesofManagementandAssociation’sBoardfortheFinancialStatements Association'sManagementisresponsibleforthepreparationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition, stateofaffairsoftheAssociationandfinancialperformanceoftheAssociationinaccordancewiththeAccountingStandardsissuedbytheInstitute ofCharteredAccountantsofIndia(ICAI)andaccountingprinciplesgenerallyacceptedinIndia.Thisresponsibilityincludessafeguardingtheassets oftheAssociationandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies; makingjudgmentsandestimatesthatarereasonableprudent;anddesign,implementation,andmaintenanceofadequateinternalfinancial controlrelevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterial misstatement,whetherduetofraudorerror.
Inpreparingthefinancialstatements,managementandAssociation’sBoardisresponsibleforassessingtheAssociation'sabilitytocontinueasa goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagement eitherintendstoliquidatetheAssociationortoceaseoperations,orhasnorealisticalternativebuttodoso ThosechargedwithgovernanceareresponsibleforoverseeingtheAssociation'sfinancialreportingprocess Auditor'sResponsibilitiesfortheAuditoftheFinancialStatements: Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatements,asawhole,arefreefrommaterialmisstatement, whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinionReasonableassuranceisahighlevelofassurancebutis notaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexistsMisstatementscanarise fromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomic decisionsofuserstakenonthebasisofthesefinancialstatements
AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheauditWealso: Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformaudit proceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinionTheriskof notdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery, intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol
Obtainanunderstandingofinternalfinancialcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthe circumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheAssociation'sinternalfinancialcontrol
Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythe management
Concludeontheappropriatenessofmanagement'suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained, whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheAssociation'sabilitytocontinueasa goingconcernIfweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelated disclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinionOurconclusionsarebasedontheaudit evidenceobtaineduptothedateofourauditor'sreportHowever,futureeventsorconditionsmaycausetheAssociationtoceasetocontinue asagoingconcern
Evaluatetheoverallpresentation,structure,andcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancial statementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
Materialityisthemagnitudeofmisstatementsinthefinancialstatementsthat,individuallyorinaggregate,makesitprobablethattheeconomic decisionsofareasonablyknowledgeableuserofthefinancialstatementsmaybeinfluenced.Weconsiderquantitativematerialityandqualitative factorsin(i)planningthescopeofourauditworkandinevaluatingtheresultsofourwork;and(ii)toevaluatetheeffectofanyidentified misstatementsinthefinancialstatements.
Place: Chennai
Date: July 4, 2025
For DELOITTE HASKINS AND SELLS Chartered Accountants (Firm’s Registration No 008072S) Rekha Bai Partner (Membership No : 214161)