2. The presentation is made to explain the difference
between Industry standard procedure and the
modified procedure of the company under
consideration(Auditing Firm).
The process studied is related to compliance of
statutory requirements stated by Reserve Bank of
India and ROC (Registrar of Companies)
3. Process Requirement
Compliance of RBI & ROC reporting
requirements.
Required by Project office of any foreign company
set up in India
Required by any temporary office of a foreign set
up in India for a specific term under direct
permission & supervision of GOI.
Required by any office setup by a foreign company
for a specific project.
Deadline for filing of required documents 31st
December every year.
4. Industry Standard Procedure
Preparation starts 10-15 days prior to the deadline.
All data between the auditing firm and the client is
exchanged over E-mails.
Standard documents are submitted to
RBI – Form 52, Details of different project sites,
details of working foreign nationals at each site etc.
ROC- COI, POA, LOA, Audited Financial Statements
for previous year.
5. Modified Procedure
Preparation starts 1.5 months before the deadline.
First intimation to the client (foreign Co.)regarding
upcoming compliance requirements is given at least
2 months prior to the actual deadline.
No In-depth data exchanged over internet since such
data is of confidential nature.
One client per Chartered accountant is assigned
considering the parties involved (RBI, ROC).
6. Physical copies of all important E-mail conversations
are maintained.
Al l final submission copies are sent through courier.
Individual permission from DGP of the state in which
the company site/Project site is located is obtained.
Filing procedure starts from the first day of the last
week of December.
Detailed and self explanatory details are filed in hard
copy
Modified Procedure Cont…
7. Documents Filed
RBI- Form 52(filed online) containing the following
details.
Details of No. of project offices.
Details of No. of foreign nationals at every site ,including
details of no. of days worked on site, date of arrival and
departure from India.
Pan Card, VISA, Passport details of all foreign employees
that worked on site during previous year.
Modified Procedure Cont…
8. ROC –
Addresses of all project office sites with registered
Phone numbers.
Power of Attorney (POA)
Letter of Authority (LOA) in favor of the Auditing
Firm.
Expected/Projected Financial Statements for
minimum 1 year.
Financial statements for Previous Year and 3 years
before previous year.
Modified Procedure Cont…
9. Value addition in modified procedure
The whole process right from the beginning till
the end is very well documented. Which can
be very useful for;
Accountability – In case of legal issues.
Ease and comfort – Serves as a guide for a fresh
person who is handed the procedure for the first
time.
All important documents are sent through couriers
avoiding any kind of cyber threat.
