Our collection of resources based on what we have learned on the ground
Resources
Q&A
How is audit defined under Indian law and why is it important?
- August 2013
- Free Access
The definition of audit given by the Institute of Chartered Accountants of India is as follows: “Auditing is defined as a systematic and independent examination of data, statements, records, operations and performance (financial or otherwise)...
Q&A
How can a ?true and fair view? be achieved in Indian audit?
- April 2013
- Free Access
A “true and fair view” can only be satisfied if the financial statements are accurate and not misleading. The company can expect the auditor to have provided a true and fair view, if the following criteria are met: The accounts are pr...
Q&A
How many types of audit are there in the Indian system?
- April 2013
- Members Access
Generally, there are two main categories: Internal Audits; and Statutory Audits. Internal audits are conducted at the behest of internal management in order to check the health of a company’s finances, and analyze operational eff...
Q&A
Who can be an auditor of a company in India?
- April 2013
- Free Access
Only an independent chartered accountant or a partnership firm of chartered accountants can be appointed as the auditor of a company. The following persons are excluded from being qualified as company auditors according to the Companies Act: A bod...
Q&A
How should a company auditor prepare the audit report in India?
- April 2013
- Free Access
The company auditor is required to prepare the audit report as per the conditions set out in the Company Auditor’s Report Order 2003, which requires auditors to report on various aspects of the company, including, among other things, fixed asse...
Q&A
How should a foreign-invested entity prepare for annual audit in India?
- April 2013
- Free Access
There are a couple of steps that are recommendable for preparing annual audit in India. The foreign company should: Brief the auditors on the nature of your business, the background of it, the business activities you carry out and to what extent y...
Q&A
What should a foreign company expect auditors to perform for Indian audit?
- April 2013
- Free Access
The auditors should perform the following: They will verify whether the opening balances have been carried forward correctly from the previous year’s audited financial statements. They will examine the purchasing procedures and make sure th...
Q&A
What are the major taxes in India?
- April 2013
- Free Access
There are four major taxes for foreign-invested enterprise in India: Corporate income Tax; Goods and Service Tax Reform; Capital Gains Tax; and Others.
Q&A
How is capital gains tax levied in India?
- April 2013
- Members Access
The applicable tax rate to business income of non-resident is around 42 percent. When the income from a sale is classified as business income under Indian law, then it will be taxable in India, only if such income accrues or arises in India or is att...
Q&A
What company type is good for foreign investors in Vietnam?
- March 2013
- Members Access
Wholly foreign-owned enterprises can be established in Vietnam in one of the following forms: 1. Limited liability company - If foreign investors wish to use limited liability company, the advantages would be: Members are only liable for the amo...
Q&A
What are the main pros and cons of using partnership for joint venture in Vietna...
- March 2013
- Free Access
The main advantages of using a partnership are that: Persons investing in the partnership can be limited partner, i.e.: partners that are of limited liability. The downsides of partnership is that: Two or more general partners are required t...
Q&A
What are the advantages and problems of using representative offices in Vietnam?
- March 2013
- Free Access
The most important feature of a representative office in Vietnam is the ease of registration. Also, it can hire staff directly and act as a liaison office with the overseas headquarter or quality control stronghold for products. However, it is not a...
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