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India Specific Services

Corporate Social Responsibility Audit

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

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:

  • Transfer Pricing Analysis
  • Selection of the appropriate method
  • Benchmarking Analysis
  • Assistance in preparation of Transfer Pricing documentation
  • Issuance of Transfer Pricing Certificate
  • Representing Transfer Pricing Cases before Transfer Pricing Officer/ Appellate Authorities
Activities performed under FAV/ FAR
  • Achieve regulatory compliance applicable to the organization
  • Identification of any ghost assets in the books of accounts
  • Assistance in performing dynamic inventory verification
  • Ensure accurate depreciation calculation for reporting purposes
  • Assistance in movement and disposal of asset in a proper manner
  • Ascertainment of variance between books and physical verification
  • Bar Coding of individual asset tags will significantly reduce the effort necessary for verification of inventories
  • Enables multiple concurrent inventories with centralized reconciliation
  • Ascertain fair value of the fixed assets that may reduce insurance and tax costs
  • Tracks origin and destination of transferred assets. Lists transfer date, acquired values

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.

Internal Controls over Financial Reporting (ICFR)

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.

Fixed Asset Management (FAM)
  • FAM is an accounting process to keep a track on companies Fixed Asset for the purpose of financial accounting, asset maintenance and theft prevention
  • FAM aims to track the location, quantity, condition, maintenance and depreciation status of their fixed assets
  • FAM consists of two activities namely:

1. Fixed Assets Verification (FAV)

2. Fixed Assets Register (FAR)

Income Computation and Disclosure Standards (ICDS)

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 Chief Financing Officer (CFO)

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 –

  • Monitor the compliance of pre-agreed budgets and operating business plan of the Company;
  • Reviewing the costs/expenses above the pre-decided threshold level before the payment is made by the Company.
  • Supervising the accounts team and Reviewing and presentation of MIS to the equity investors on a periodical basis.
  • Assisting in budgeting and forecasting including sensitivity analysis under different market scenarios.
  • Assisting on implementing financial processes and controls in conjunction with the client team.
  • Reviewing the compliance of direct and indirect tax, companies act matters, ROC filings, etc. in conjunction with the tax consultants and company secretary of the Company.

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