Our collection of resources based on what we have learned on the ground
Resources
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 ...
Q&A
What is the difference between fraud and error in India?
- June 2014
- Members Access
The key difference between “fraud” and “error” often relates back to the intent to deceive, and distinguishing between the two can be challenging. Auditors are charged with exercising judgment when preparing their opinion for ...
Q&A
How can a company mitigate the risk of fraud in India?
- June 2014
- Free Access
Mitigating the risk of fraud begins with a robust governance structure that includes the audit of budgeting processes, ethics policies, quality control, monitoring procedures by senior management, and rotation procedures. Any weakness in an organizat...
Q&A
When did India change their foreign direct investment (FDI) policy and what effe...
- May 2014
- Free Access
India amended their FDI policy in August 2013. It opened a number of key business sectors to increased foreign investment and in several instances eliminated the need for foreign investors to obtain approval from the Indian government before investin...
Q&A
Which categories are included in the foreign direct investment (FDI) policy in I...
- May 2014
- Free Access
Foreign investment into India falls under one of two foreign direct investment (FDI) routes: Government route: For investment in business sectors requiring prior approval from the Foreign Investment Promotion Board (FIPB). Automatic route: For in...
Q&A
What are the distinctions between the different types of foreign investment into...
- May 2014
- Free Access
Foreign investment into India takes one of two principal forms: Foreign Direct Investment (FDI): The acquisition of shares or other securities in an Indian company. Foreign Institutional Investment (FII): Investment by foreign institutional inves...
Q&A
How did the definition of ?control? get changed in India and how does it apply t...
- May 2014
- Free Access
The broadened definition of ‘control’ now includes not only the power to appoint a majority of directors, but also the ability to control the management or policy decisions via shareholding, management rights, shareholder agreements or...
Q&A
How did the foreign direct investment (FDI) reforms in India affect the single a...
- May 2014
- Free Access
The previous FDI policy only permitted one non-resident entity with ownership of a brand (or rights to a brand) to invest in Indian companies engaged in the retail trading of that brand. The reform policy now allows multiple non-resident entities ...
Q&A
How are prices determined for shares issued by Indian companies?
- May 2014
- Free Access
The issuance of shares by Indian companies falls under the compliance guidelines outlined in the Foreign Exchange Management Act (FEMA). Companies seeking capital through the public route should base the issuance price on Securities and Exchange Boar...
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