Standalone or financial statements

This discussion explores the correct terminology for audit reports concerning Indian branches of foreign companies. The core question is whether to title the report 'Report on Standalone Financial Statements' or simply 'Report on Financial Statements'. The consensus leans towards 'Standalone' if the audit pertains only to the Indian entity, even if it has a foreign parent. The distinction is important to avoid confusion, especially when the foreign company has multiple project offices in India.