India Briefing - An Introduction to India's Audit Process

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In this Issue:

Understanding Annual Audit: An Overview
Ensuring a Smooth Audit: Key Considerations
Detecting and Avoiding Fraud
Expert Commentary: Audit of a Registered Entity
The beginning of India’s audit season marks the close of the business year, and is often a hectic and busy time for foreign companies with operations in the country.

In this issue of India Briefing Magazine, we provide readers with an overview of India’s annual audit process and offer important tips for the smooth navigation of the country’s audit regulations and accounting standards. We begin by first explaining the two most common types of audit in India, statutory and internal audits, and outline the standard steps and procedures an Indian auditor will follow in each. Because India’s accounting standards differ slightly from the widely accepted IFRS and IAS protocols, it is extremely important for foreign invested enterprises to maintain an awareness of these discrepancies and prepare for annual audit in a timely and organized manner. By reviewing these accounting differences, as well as the documents and receipts typically requested during an annual audit, it is our hope that this issue of India Briefing will enable readers to become significantly more comfortable with pre-audit preparations, and ultimately find the audit process as a whole easier to follow and understand.

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India Briefing Magazine Description:

India Briefing has developed into a premium source for insight on doing business in India. It publishes business news concerning foreign direct investment into India, including the most important tax, legal and accounting issues. The India Briefing Magazine was first published in 2007, and is contributed to by investment professionals based in India.