Our collection of resources based on what we have learned on the ground
Resources
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
Who can be appointed as the auditor of a company in India?
- June 2014
- Members 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 specifically disqualified from becoming an auditor per the Companies Act: A body corpor...
Q&A
What does internal audit in India entail?
- June 2014
- Free Access
Internal audits are conducted at the behest of internal management in order to check the health of a company’s finances, and analyze the organization’s operational efficiency. Internal audits may be performed by an independent party or by...
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
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...
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