Our collection of resources based on what we have learned on the ground
Resources
Q&A
What does an unqualified opinion for an audit report in India confirm?
- June 2014
- Members Access
An unqualified opinion is expressed when the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework used for the preparation and presentation of the financial reporting framework...
Q&A
Are the Indian Accounting Standards (India AS) equivalent to the International F...
- June 2014
- Free Access
Whilst accounting standards in India differ slightly from the IFRS, India AS are likely to converge with the IFRS in the foreseeable future. While a phased convergence of India AS with the IFRS was initiated in April 2010 with a target date of Apr...
Q&A
How will India converge its Accounting Standards (India AS) with the Internation...
- June 2014
- Free Access
The first phase of the convergence process will likely require companies with a net worth of more than INR 10 billion to transition to the IFRS from April 2015. Companies with an annual turnover between INR 5 and 10 billion will follow this from Apri...
Q&A
What processes can a foreign-invested enterprise (FIE) in India expect to underg...
- June 2014
- Members Access
An FIE in India can expected to undergo the following process during a statutory audit: Opening balances checking Vouching expenses against bills and invoices Analytical review of the income and expense accounts to see variation as compared to t...
Q&A
What do companies need to know and prepare to make the audit process go smoothly...
- June 2014
- Free Access
Auditors should be provided with an overview of a company’s business activities and structure so as to enable them to provide the most thorough and accurate feedback possible. While most auditors have some general industry knowledge, briefing a...
Q&A
What are the purchasing and procurement procedures for auditing in India?
- June 2014
- Members Access
Auditors will closely examine purchasing and procurement procedures, and will likely request a flow chart during audit proceedings that outlines the specifics of this process. Preparing this flow chart beforehand can save valuable time during the aud...
Q&A
What is the production process of auditing in India?
- June 2014
- Members Access
An effective auditor will additionally make note of a foreign-invested enterprise’s production and manufacturing process, and the various steps a company follows to convert raw materials into marketable goods. It is helpful to prepare a list of...
Q&A
What ad hoc checks should auditors in India do?
- June 2014
- Free Access
Auditors are required to check that any payment in cash or aggregate payments in cash totaling over INR 200,000 in one day are not claimed as a deduction (in accordance with Section 40A(3) of the Income Tax Act 1961), and also check other credit bala...
Q&A
Are there inventory auditing requirements for manufacturing companies in India?
- June 2014
- Members Access
Manufacturing businesses need to demonstrate that they have maintained their RG23 books and stock registers for manufacturing or processing materials. An auditor will verify that this has been done correctly, and will need to ascertain whether the RG...
Q&A
Are businesses required to give the auditor their management accounts opening ba...
- June 2014
- Free Access
Businesses are not required to give the auditor their management accounts opening balances, but should have them ready in the event that an auditor wants to check that the opening balances in those accounts have been carried forward correctly from th...
Q&A
Why should Indian company maintain a copy of their Permanent Account Number (PAN...
- June 2014
- Free Access
Companies must also ensure that they are properly maintaining photocopies of Permanent Account Number (PAN) cards for any contractors that come under tax deduction at source (TDS) applicability. If a company has not been provided with a contractor&rs...
Q&A
How can fraud be avoided in India?
- June 2014
- Free Access
Fraud can be avoided through the use of Audit and Attestation services. Most companies in India are required by law to have an Internal Audit department, which is given independence and which directly reports to the board of the company. Another way ...
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