Local statutory audit, delivered to your group reporting timetable
In short: A. George & Associates audits Indian subsidiaries of US, UK, Middle East and Asian groups, many of them IT and SEZ companies in Kochi. We carry out the statutory audit under the Companies Act, 2013, prepare and review the group reporting package, coordinate with the parent's auditors, and handle the tax audit and transfer pricing report, so the Indian entity closes on time and without surprises for head office.
A US or foreign parent usually needs two things from its Indian subsidiary: a clean Indian statutory audit, and reliable numbers delivered to the group's own deadline in the format its auditors expect. These run on different calendars, standards and rules, and the gaps between them are where delays and audit queries come from.
We have audited subsidiaries and captive centres of overseas groups for years, including development centres at Infopark and SmartCity. Our partners bring Big 4 experience of component audits, so we work comfortably with group auditors and with US-based finance teams.
Sound familiar?
"Head office needs our numbers by day 5, but the Indian books are not closed until day 15."
"The group auditors sent instructions we do not fully understand, and the Indian auditor has not seen them."
"Our transfer pricing mark-up was set years ago and nobody has checked it since."
"The parent's US GAAP figures never match our Indian statutory accounts."
We sit between your Indian team and head office and make the two sets of numbers agree.
What we cover for foreign subsidiaries
Indian statutory audit
Audit of financial statements under the Companies Act, 2013 and Indian Accounting Standards or Ind AS, including CARO reporting and internal financial controls where applicable.
Group reporting and component audit
Review of the group reporting package, reconciliation of Indian GAAP or Ind AS figures to US GAAP or IFRS, and responses to group auditor instructions and queries.
Transfer pricing
Inter-company agreements, cost-plus and other pricing methods, benchmarking, and the accountant's report filed with the income tax return. See our IT company services.
Tax audit and returns
Tax audit, corporate tax return, TDS on payments to the parent, withholding on royalties and fees for technical services, and DTAA positions.
FEMA and RBI compliance
Annual return on foreign liabilities and assets, reporting of share allotments and other FDI filings, so capital flows from the parent stay compliant.
SEZ, GST and export units
For subsidiaries that export services: EDF, SEZ filings, and GST refunds on zero-rated exports, reconciled with the audit. See our SEZ and STPI services.
What you get
Numbers on the group timetable
Indian close and group package delivered to head office deadlines.
One audit, two audiences
An Indian audit report and component reporting that the group auditors can rely on.
Transfer pricing in order
Agreements, benchmarking and the accountant's report, done every year.
A partner who speaks both languages
Indian law and compliance explained clearly to US and overseas management.
How we work with the parent and the Indian entity
- Calendar: We align the Indian audit with the group's reporting deadlines at the start of the year.
- Interim work: Controls, revenue and inter-company testing during the year, so year-end is short.
- Group package: Indian numbers reconciled to the group's GAAP and submitted on time.
- Statutory close: Indian audit report, tax audit, transfer pricing report and ROC filings.
- One contact: A partner who speaks to both the Indian team and head office.
Setting up a new subsidiary? See India entry for foreign companies. Read more: subsidiary audit services for UK, US, Middle East and Asia, setting up or acquiring a US subsidiary in India.
Setting up a subsidiary in India: checklist
The main steps in order, from structure and incorporation to RBI reporting, registrations and annual compliance.
Frequently asked questions
Does a US company's subsidiary in India need a separate audit?
Yes. An Indian private limited company must have its financial statements audited every year under the Companies Act, 2013, regardless of who owns it. The group's own audit does not replace it.
Can you work with our group auditors in the US?
Yes. We follow group audit instructions, complete component reporting, and answer the group auditor's queries directly, as well as completing the Indian statutory audit.
Our parent reports in US GAAP. Can you reconcile the Indian accounts?
Yes. We prepare or review the reconciliation from Indian accounting standards to US GAAP or IFRS for the group reporting package.
Is transfer pricing needed for our Indian subsidiary?
Generally yes, if it has transactions with the parent or other group companies, such as software development services or cost recharges. The pricing must be at arm's length, documented, and reported by an accountant.
Do you audit subsidiaries outside Kochi?
Yes. Our office is in Vyttila, Kochi, and we audit subsidiaries across Kerala, with on-site visits for fieldwork.