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Compliances on foreign dealings

Others 462 views 2 replies

ABHISHEK GARG

Chartered Accountant

508 Points Posted on 02 April 2016

Hello Professinals,

I have an query, that i am having an (OPC) Pvt. Ltd. Company in India and the company is dealing with US Companies & Firms. Our Company is providing services to the Foreign Companies. We are receiving payments/service fees in foreign currency.

Now, my question is what are the compliances i have to check or an auditor will check in context with the Foriegn Dealings i.e. Foreign Payments Received or Providing Services to Foriegn Companies etc etc.

Please Guide.

Thanks & Regards,

Abhishek

Replies (2)

CA Raj Doshi

Practising CA

8954 Points Posted on 10 April 2016

1. Genuineness of Services rendered
2. Any Hints for money laundering
3. Revenue Recognition policy
4. Billing system and currency
5. Profit / loss of foreign currency fluctuation
6. Service tax registration
7. Export of service
8. Whether foreign client is our branch then it will not be export of service
9. Test of controls
10. Test of details
11. Memorandum and Articles permit such business
12. Contract by OPC with member to be intimated to ROC Within 15 days.
13. Other Accounting standards
14. Auditing Standards
15. Use of estimates
16. Subsequent events
17. Fixed Asset Register
18. Related Party transaction
19. AS 11 compliance - Monetary and non monetary items requiring adjustment
20. Consistent application of AS - 11