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Sailesh Jain   25 January 2020

Standalone or financial statements

Our firm has conducted the audit of Indian branches of foreign company .While issuing the audit report i want to know whether to mention as "Report on standalone financial statements" or "Report on financial statements" since the foreign company whose branches are situated in India has a parent organization in South Korea.

 2 Replies

CA Kiran Sutrave

CA Kiran Sutrave (CA)     25 January 2020

If the company does not have any subsidiary in India and the audit report is for the single company, then you can write "Report on Financial Statements". If it has subsidiary in India but you are preparing the audit report for a single company irrespective of the financial statements of the subsidiary companies, you can write "Report on standalone Financial Statements".
This is my opinion. Please wait for others to reply
1 Like
Sailesh Jain

Sailesh Jain   28 January 2020

Thanks for the reply

The foreign company has three project offices in India. Will each project office be treated as subsidiary?

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