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Audit of Foreign Companies – Various Issues Parveen Kumar (FCA, DISA) November 18, 2006

Audit of Foreign Companies – Various Issues Parveen Kumar (FCA, DISA) November 18, 2006. Objectives. Share Experience Areas require extra care Discuss issues . Contents. Assignments – Pre / Post Key Areas Case Study Issues. Assignments – Before Acceptance. Proposals

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Audit of Foreign Companies – Various Issues Parveen Kumar (FCA, DISA) November 18, 2006

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  1. Audit of Foreign Companies – Various IssuesParveen Kumar (FCA, DISA)November 18, 2006

  2. Objectives • Share Experience • Areas require extra care • Discuss issues

  3. Contents • Assignments – Pre / Post • Key Areas • Case Study • Issues

  4. Assignments – Before Acceptance • Proposals • Define Back Ground • Scope of work • Time Frame • Fees • Limitations

  5. Assignments – During Acceptance • Documents • Discussion with Top Management • NOC from Previous Auditors • Send Check Lists / Letter of Requirements • Obtain Agreements / Reports

  6. Assignments – Post Acceptance • Planning the Assignment • Define Team Movement • Calendar of Events Sample • Intimate proposed visits • Pro Active Communication

  7. Assignment - Finalization • Reporting • Discussions • Report to Head Office • Letter of Observations • Conclusion

  8. Key Areas • Share Holding Sec 4 (7) Text • Transfer Pricing / Expatriates • Holding AGM / Board Meetings • Internal Reporting – Budget / SOX

  9. Case Study - Background • Private Ltd Company • Holding in Swiss company • Head office in Germany • Expatriate Directors • Indian Auditors

  10. Case Study - Facts • Acquired 100 % Subsidiary Co. • Auditor and Accountant Changed • Complaint with ROC

  11. Case Study - Details • 56 Notices • Technical Scrutiny u/s 234 (1) • Violation of Section 211 • Accounting Standards • AGM • Documents submitted with ROC

  12. Re Capture • Proposals – Scope / Limitations / Fees • Documentation – Mails / Notes • Planning – In Advance • Reporting - Clear Communication

  13. Issues…… • Training • Specialization • Independence

  14. Issues…… • Risk Management • Insurance • Indemnity • Documentation

  15. THANKYOUparveen.kumar@asa1991.com

  16. Sec 4 (7) • “A private company, being a subsidiary of a body corporate incorporated outside India, which, if incorporated in India, would be a public company with in the meaning of this Act, shall be deemed for the purposes of this Act to be a subsidiary of a public company if the entire share capital in that private company is not held by that body corporate whether alone or together with one or more other bodies corporate incorporated outside India.” Back

  17. Movement Chart (Example) Back

  18. Calendar of Events Back

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