Audit of MNC
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 February 2010
Hi ,
Iam Manager Finance and accounts in one of the MNC and we are about to get our books of accounts audits ,following are the details
- We are MNC having regiestred companies all over the Europe Central America North America and South East Asia.
- Mainly all the opreations is done by a company in central Amerrica ,
-Other companies registered in various countries are just $$ receving companies or payment processing companies, No other activities takes place in those companies
I want to have more understanding on do we need to get those books of account ( $$ receving and payment companies)audited by auditors of those countries or auditor in central America can audit all the books of account.
Iam Manager Finance and accounts in one of the MNC and we are about to get our books of accounts audits ,following are the details
- We are MNC having regiestred companies all over the Europe Central America North America and South East Asia.
- Mainly all the opreations is done by a company in central Amerrica ,
-Other companies registered in various countries are just $$ receving companies or payment processing companies, No other activities takes place in those companies
I want to have more understanding on do we need to get those books of account ( $$ receving and payment companies)audited by auditors of those countries or auditor in central America can audit all the books of account.
28 February 2010
In my opinion repective companies must be audited even though there are no major activities.
As u will come to know more information about there working.
It is a good practice to get accounts audited from an independent auditors
As u will come to know more information about there working.
It is a good practice to get accounts audited from an independent auditors
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 March 2010
-The Question is not of good practice over here, What is the mandatory way to do the Auidt in diffrent countries.
- Whether the CPA registered in Central America is eliglble to do an audit if the records of the subsidairy companies are online but the those subsidary comapnies are registered in different countries.
- We have note that these comapnies just have banking entries in diffrenet countries , Which can be verified online sitting anywhere in the world.
- Whether the CPA registered in Central America is eliglble to do an audit if the records of the subsidairy companies are online but the those subsidary comapnies are registered in different countries.
- We have note that these comapnies just have banking entries in diffrenet countries , Which can be verified online sitting anywhere in the world.
01 March 2010
This is a very good question and it relates to conception.
By maintaining online accounting it does not mean that these companies will be escaped from the audit rules of countries where the subsidiaries are established.
Because accounting standards are suitably moulded by the countries according to the land of law. The qualification of CA should also be approved by the home country.
For example; SKF Bearing is indian subsidiary of foreign company.
It has to be audited according to Indian GAAP for Indian subsidiary.
By maintaining online accounting it does not mean that these companies will be escaped from the audit rules of countries where the subsidiaries are established.
Because accounting standards are suitably moulded by the countries according to the land of law. The qualification of CA should also be approved by the home country.
For example; SKF Bearing is indian subsidiary of foreign company.
It has to be audited according to Indian GAAP for Indian subsidiary.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
