A CSR audit is an evaluation of an organization’s progress toward implementing socially responsible and responsive programs. The process of evaluating a firm’s various operating code of conduct, procedures other factors to determine its effect on a society. A review of a company’s social responsibility is an audit that looks at factors such as a company’s record of charitable giving, volunteer activity, energy use, transparency, work environment and worker pay and benefits to evaluate what kind of social and environmental impact a company is having in the locations where it operates.
Transfer Pricing law was introduced in India in 2001. It deals with curbing tax avoidance by laying down norms for computation of income arising from international transactions or specified domestic transactions (“SDTs”) having regard to the “arm’s length price”. Our Transfer Pricing services offer effective solutions to companies which undertake international transactions or specified domestic transactions with its associated enterprise or group companies which are as follows:
TRC expertise lies in FAM and our vast knowledge in this activity helps to provide ready solutions to our elite clientele in all sectors. Our PAN India presence, helps us to provide seamless quality service across India.
Section 134(5)( e) of the 2013 act requires that in case of listed companies, Directors’ Responsibility Statement should, among other matters, state that directors had laid down internal financial controls and such financial controls are adequate and were operating effectively Rule 8(5)(viii) of the Companies Rules, 2014 Requires the board report of all companies to state the details in respect of adequacy of internal financial controls with reference to the financial statements also Section 143(3)(i) of the Act requires the auditors’ report to state whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
ICFR therefore is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company.
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
1. Fixed Assets Verification (FAV)
2. Fixed Assets Register (FAR)
Income Computation and Disclosure Standards (ICDS), introduced with effect from 1st April, 2015, constitute one of the significant amendments introduced in the Indian Income-tax legislation. ICDS are applicable for computation of income taxable as ‘Business income’ or ‘Other’ Sources income. These standards provide for some significant departure from Indian Accounting Standards and may lead to material tax implications for taxpayers. In this regard, we provide assistance in examining ICDS having regard to nature of business & transactions of the taxpayers and advising on relevant tax implications.
Virtual CFO is a seasoned finance professional who helps you in running your finance function with his expert advice and hands on involvement. As a virtual CFO, we engage a dedicated resource who shall perform the following activities on regular basis –