Our collection of resources based on what we have learned on the ground
Resources
infographic
Service Fees between China and Overseas Entities
- July 2014
- Free Access
This infographic details the exchange of service fees between the foreign-invested enterprise in China and its parent company abroad.
infographic
Procedures for the Declaration & Repatriation of Dividends in China
- July 2014
- Free Access
This infographic details the steps that need to be taken during the procedure for declaring and repatriating dividends.
Q&A
What are the two primary objectives associated with annual audit in India?
- June 2014
- Free Access
There are two primary objectives associated with annual audit in India. The first objective is for auditors to report to shareholders and the government whether or not the company’s balance sheet provides a true and fair reflection of its state...
Q&A
Are audit compulsory under Indian law and who are qualified to conduct annual au...
- June 2014
- Members Access
Audits of company accounts have been compulsory in India since the passing of the first Companies Act in 1913. Since then, the Institute of Chartered Accountants of India (ICAI), a statutory body established under the Chartered Accountants Act, 1949,...
Q&A
Why is it useful to conduct audit in India?
- June 2014
- Free Access
Other than complying to relevant laws mandating for audits, the importance of the audit process cannot be understated, as the results can be used for the following purposes: Helping investors know the financial health of the company; Assuring the...
Q&A
What does the financial statement of a company in India entail?
- June 2014
- Members Access
The financial statements should include a balance sheet, profit & loss account, cash flow statement and notes to accounts. Ensuring a company’s balance sheet provides a true and fair reflection of its current state of affairs requires an a...
Q&A
What do statutory audits in India entail?
- June 2014
- Free Access
Statutory audits are conducted to report the current state of a company’s finances and accounts to the Indian government and shareholders. Such audits are performed by qualified auditors working as external and independent parties. The audit re...
Q&A
What are the rules for tax audits in India?
- June 2014
- Members Access
Tax audits are required under Section 44AB of India’s Income Tax Act 1961. This section mandates that those whose business turnover exceeds INR 10 million, and those working in a profession with gross receipts exceeding INR 2.5 million, must ha...
Q&A
What is required for company audits in India?
- June 2014
- Members Access
The provisions for company audits are contained in the Companies Act 1956 and Companies Act 2013 as applicable. Every company, regardless of its nature of business or turnover, must have its annual accounts audited each financial year. For this purpo...
Q&A
Which opinions may an auditor in India express in the report?
- June 2014
- Members Access
The auditor’s opinion in expressed in the ultimate report is based on the information gathered during the audit and the verification of financial statements. Upon completing the report, the auditor may express one of the following four opinions...
Q&A
Are enterprises located in the Shanghai Free Trade Zone (FTZ) permitted to borro...
- May 2014
- Members Access
According to the Notice Concerning Support to Further Expand the Cross-Border Usage of RMB in the Shanghai FTZ, non banking financial institutions and enterprises located in the Shanghai FTZ are permitted to borrow RMB funds from offshore sources. Ho...
Q&A
How should a foreign enterprise prepare an audit report in China?
- May 2014
- Members Access
All foreign-invested enterprises (FIE), including wholly foreign owned enterprises (WFOE), joint ventures (JV), and foreign-invested commercial enterprises (FICE), are required to hire external accounting firms to conduct and annual audit of the comp...
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