Chapter III · Area of practice
Accounting
Accounting and reporting for businesses in India and overseas: books kept to a monthly close, statutory registers, family office accounts, and the TDS compliance that runs alongside them.
What the work covers
- Books of account kept to a fixed monthly close
- Accounting for overseas businesses (offshore accounting)
- Family office accounts and consolidated statements for families
- TDS compliance: deduction, deposit, returns and certificates
- Management accounts and schedules for the year-end audit
The law it sits in
| Law | Provision | What it provides |
|---|---|---|
| Companies Act, 2013 | s. 128 | Books of account to be kept on accrual basis and double entry |
| Companies (Accounts) Rules, 2014 | r. 3 | Electronic books: audit trail that cannot be disabled; daily back-up on servers in India |
| Companies Act, 2013 | s. 144 | An auditor may not provide accounting services to the company it audits |
Independence comes first
Section 144 of the Companies Act, 2013 bars a company's statutory auditor from providing it with accounting and book-keeping services, and the Code of Ethics goes further for listed and public-interest entities.
Books that are ready for audit
Companies must keep electronic books in software that records an audit trail for every change and that cannot be switched off. The trail, the daily back-up and the reconciliations are what an auditor asks for first; keeping them in order through the year is most of the work.
The firm’s addresses and the request form are on the offices and contact pages.
Related notes
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