legal and finance services in India

  Every business relies on financial reports to make decisions. But how can you trust that these reports are accurate? This is where Internal Control over Financial Reporting (ICFR) comes in. ICFR is a system of policies and procedures that helps ensure financial statements are reliable and free from significant errors or fraud. An ICFR Audit is an evaluation of this system, ensuring that all key controls work as intended. Key Points: ICFR ensures that transactions are recorded correctly. An ICFR Audit checks that controls are in place and functioning. It is a vital part of regulatory compliance (for example, under SOX for public companies). What is an ICFR Audit? ICFR Audit refers to the systematic examination of the internal controls a company has implemented to support its financial reporting. This audit helps answer the question: What controls does the company have, and are they working properly? ICFR stands for Internal Control over Financial Reporting. An ICFR Audit reviews ...

When importing goods into India, businesses often encounter valuation complexities, especially in transactions involving related parties. To address such concerns, the Special Valuation Branch (SVB) of Indian Customs evaluates related-party transactions to ensure fair pricing and prevent duty evasion. One of the key requirements in the SVB process is the Provisional Duty Bond (PDB) . Understanding the Provisional Duty Bond A Provisional Duty Bond is a financial guarantee provided by importers undergoing SVB customs investigation. Since the final duty assessment may take time, the bond ensures that the government does not face revenue losses due to under-valuation. This bond is typically accompanied by a bank guarantee as additional security. Purpose of a Provisional Duty Bond: Allows clearance of goods while SVB verification is in progress. Ensures the customs department recovers any additional duty, if applicable. Acts as a safeguard against potential under-declaration of ...