Audit of subsidiary company of a foreign
This query is : Resolved
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.
Therefore i want to know which SA/SRS/SRE is applicable to subsidiary in india for reporting and auditing purposes.
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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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?
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?
21 December 2012
yes, US GAAP as well as SOX if applicable.
21 December 2012
No , as an Indian auditor you shall audit the INDIAN accounts based on the INDIAN Laws & Regulations.
Anuj
femaquery@gmail.com
Anuj
femaquery@gmail.com
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