RBI - FEMA 120 : ODI : APR - Requirement of Audit of Subsidary
Querist :
Anonymous
(Querist) 14 April 2011
This query is : Open
Fema Circular 120 requires that an india company
"
submit to the Reserve Bank every year within 60 days from the date of expiry of the statutory period as prescribed by the respective laws of the host country for finalisation of the audited accounts of the Joint Venture/Wholly Owned Subsidiary outside India or such further period as may be allowed by Reserve Bank, an annual performance report in form APR in respect of each Joint Venture or Wholly Owned Subsidiary "
This submission of APR is filled with Authorised Dealer Bank who in turn files the same with RBI online.
The bank demands the Audited Accounts of the subsidary.
My question is what happens if the host country do not require the accounts to be audited?
For example - USA .
Does USA has an equvalent of an ROC?
Who is the competent authority to certify that a company does not require an audit?
Thanks
