An Introduction to India’s Audit Process: New Issue of India Briefing Magazine

Posted by Reading Time: 4 minutes

In this Issue of India Briefing Magazine:

  • Understanding Annual Audit: An Overview
  • Ensuring a Smooth Audit: Key Considerations
  • Detecting and Avoiding Fraud
  • Expert Commentary: Audit of a Registered Entity

The newest issue of India Briefing Magazine, titled An Introduction to India’s Audit Process, is out now and available as a complimentary download in the Asia Briefing Bookstore until the end of May.

We begin this issue by first explaining the two most common types of audit in India, statutory and internal audits, and outline the standard steps and procedures an Indian auditor will follow in each. Because India’s accounting standards differ slightly from the widely accepted IFRS and IAS protocols, it is extremely important for foreign invested enterprises to maintain an awareness of these discrepancies and prepare for annual audit in a timely and organized manner. By reviewing these accounting differences, as well as the documents and receipts typically requested during an annual audit, it is our hope that this issue of India Briefing will enable readers to become significantly more comfortable with pre-audit preparations, and ultimately find the audit process as a whole easier to follow and understand.

While foreign invested enterprises may approach India’s audit season with some degree of trepidation, an auditor’s report can be an invaluable tool for both the detection and avoidance of fraud. By discussing fraud detection and avoidance, we will seek to highlight the subtle differences between error and fraud while touching upon risk management strategies. Effective audit professionals will seek to obtain a comprehensive understanding of a company’s accounts and activities so as to enable the early detection of fraud by management.

An Introduction to India’s Audit Process is out now and immediately available as a complimentary PDF download on the Asia Briefing Bookstore for a limited time only.

Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam in addition to alliances in Indonesia, Malaysia, Philippines and Thailand as well as as well as liaison offices in Italy and the United States.

You can stay up to date with the latest business and investment trends across India by subscribing to Asia Briefing’s complimentary update service featuring news, commentary, guides, and multimedia resources.

Related Reading

Taking Advantage of India’s FDI Reforms
In this edition of India Briefing Magazine, we explore important amendments to India’s foreign investment policy and outline various options for business establishment, including the creation of wholly owned subsidiaries in sectors that permit 100 percent foreign direct investment. We additionally explore several taxes that apply to wholly owned subsidiary companies, and provide an outlook for what investors can expect to see in India this year.

Trading-with-India-thmbTrading with India
In this issue of India Briefing, we focus on the dynamics driving India as a global trading hub. Within the magazine, you will find tips for buying and selling in India from overseas, as well as how to set up a trading company in the country.

The Gateway to ASEAN: Singapore Holding Companies
In this issue of Asia Briefing Magazine, we highlight and explore Singapore’s position as a holding company location for outbound investment, most notably for companies seeking to enter ASEAN and other emerging markets in Asia. We explore the numerous FTAs, DTAs and tax incentive programs that make Singapore the preeminent destination for holding companies in Southeast Asia, in addition to the requirements and procedures foreign investors must follow to establish and incorporate a holding company.

An Introduction to Doing Business in India
In this guide, we introduce the basics of setting up and running a company in the country and some of the key issues investors should pay attention to. This issue is currently available as a complimentary download on the Asia Briefing Bookstore.

India’s Taxes for Foreign-invested Entities
In this issue of India Briefing, we provide an overview of India’s taxes on business, which includes a section on India’s double taxation avoidance agreements, and then discuss individual income tax rates and deductions. Finally, we discuss India’s tax reforms in 2013, including an article by Chandrahas Choudhury, New Delhi correspondent for Bloomberg View, “Can India Tax Itself to Prosperity?”

Establishing a Business in India
In this magazine, we discuss establishment structures in India, including liaison offices, project offices, branch offices, and wholly owned subsidiaries. We overview each structure in terms of the situations in which it is appropriate, its permissible activities and limitations, as well as its setup and winding up processes, complete with flow charts.