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Audit requirements for filing Annual Performance reports (APR) in India

In India, all organizations are legally required to file their Annual Performance Reports (APR) in compliance with the Companies Act of 2013. This act lays out the guidelines for companies to prepare and file annual reports, including financial statements, governance reports, and other relevant information.

The APR is a critical document that provides a comprehensive overview of the company’s performance over the past year. It includes financial statements such as balance sheets, profit and loss statements, cash flow statements, and information on the company’s operations, management, and governance practices.

All companies must file their APR within 60 days of the end of their financial year. This deadline is strictly enforced, and companies that fail to file their APR on time may face penalties and fines.

In addition to the APR, companies must submit a copy of their audit report to the Registrar of Companies (ROC). A registered chartered accountant must prepare the audit report and conform to the Indian Standards on Auditing.

Companies must work closely with their auditors and legal advisers to ensure compliance with these legal requirements. They must also ensure that their financial statements are accurate and complete and have proper systems to track and report on their performance.

By following these guidelines and filing their APR on time, companies can demonstrate their commitment to transparency and good governance and protect themselves from legal and financial penalties.

On August 22, 2022, the Reserve Bank of India (RBI) announced the new overseas investment framework. New rules, regulations, and directives have been issued due to the new framework, and they will replace the previous obligations.