04 June 2010
I have a client which is listed on Bombay Stock Exchange and which have a wholly owned subsidiary company located in British Virgin Island. As there is no statutory requirement of audit in British Virgin Island the accounts of the subsdiary is not audited there. But for consolidation purpose we require the audited accounts of the subsidiary company.
So my question is can a Indian CA audit the accounts of the subsidiary comapny which is located in British Virgin Island ?
If yes than whether the indian CA is required to issue the audit report as per CARO 2003.
05 June 2010
Dear Gandhi ji I will start the answer in affirmative ...! if its is fesiable enough for the Co. to get its account audited for the remote branch the auditor may carry out the auidt. If however there happens to be any practicle difficulty...then the auditor may suitably qualify the report..that he has not performed the audit for that br. and admitted the figure submitted by the Branch....!
CAclubindia
