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Audit of subsidiary company of a foreign

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20 December 2012 i am doing an audit of a Company which is subsidiary of Company in USA.The holding company in USA requires the report of auditors for the period (Jan-dec) for the purpose of consolidation.The subsidiary company has financial year of april-march

Therefore i want to know which SA/SRS/SRE is applicable to subsidiary in india for reporting and auditing purposes.
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 December 2012 You need to do both closings. Calender year end for USA requirements, financial year closing for Indian requirements.
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Aman Rauniyar

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Aman Rauniyar (Querist)
20 December 2012 Does USA Requirements means US GAAP ?

USA Company wants us to sign the format of balance sheet and profit and loss account as generated by Software Microsoft dynamics.

Further are there any SRS/SRE/SA governing such audit and reporting?
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Amol S Joglekar

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Amol S Joglekar (Expert)
21 December 2012 yes, US GAAP as well as SOX if applicable.
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
21 December 2012 No , as an Indian auditor you shall audit the INDIAN accounts based on the INDIAN Laws & Regulations.

Anuj
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