In this issue:
- An Introduction to Audit in India for Non-Auditors
- Annual Audit for Manufacturing Entities
- India Tax Overview for Foreign Entities
- Conducting Inventory Audits in India
To coincide with the commencement of India’s annual audit season, this issue of India Briefing Magazine provides an overview of Indian audit procedures for the non-audit foreign executive based in India, as well as for the CFO at the head office who may not be familiar with India’s specific audit regulations and accounting standards. We aim to highlight some of the key areas for both levels of international executives responsible for their Indian businesses.
Also in this issue, we examine how India’s accounting standards differ from the globally accepted IFRS and IAS protocols, and why it is important to be aware of such discrepancies. We also outline the standard steps and procedures an Indian auditor will go through during the audit process and explain pre-audit preparations that can be carried out to make the process easier to follow and understand for foreign executives. Such preparations will also help the auditor conduct the necessary audit work in a straightforward and efficient manner with clear results that can be used as part of an internal health check for the company.