08 June 2009
If a parent company in India having a overseas subsidiary. Do we need to conduct an audit of that subsidiary if not done? even if that company's country do not requre an audit of accounts.
Section 212 is applicable to subsidiaries abroad. So you hav no other way but to conduct audit of that subsidiary..There is a neverending debate on non practicability of this requirement..But as on date this is the law..
08 June 2009
Yes, audit of foreign subsidiary is necessary from a CA (within the meaning of chartered Accountant Act, 1949) or from a person eligibile to conduct audit as per law of the foreign country.
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