Chartered Accountant for SA 800 Audit

## Indian Chartered Accountant Required – SA 800 Special-Purpose Audit of UK WOS Financial Statements for RBI ODI APR

We are seeking an experienced **Indian Chartered Accountant with audit experience and familiarity with ICAI Standards on Auditing, particularly SA 800 (Revised)**, to assist with a special-purpose financial reporting assignment relating to a UK private limited company that was a wholly owned subsidiary of an Indian company.

### Background

The UK company was established as a wholly owned overseas subsidiary of an Indian company under India's RBI Overseas Investment (ODI) framework.

The company was **non-operational / minimally active**, with no operating revenue during the relevant period and limited financial activity. The company was subsequently legally dissolved in the UK.

Under applicable UK company law, the company was **eligible for statutory audit exemption**, and therefore no statutory auditor was appointed during the relevant period.

The Indian parent is now required to complete its **Annual Performance Report (APR)** under the RBI Overseas Investment framework.

The AD bank has advised that:

> **"Audited financials of Foreign Entity w.r.t. the year of APR"**

are required and has confirmed that the APR itself is to be signed by the authorised signatories of the Indian entity.

### Objective

We are looking for an Indian CA who can assess whether the historical financial statements of the UK WOS can appropriately be audited as **special-purpose financial statements under SA 800 (Revised)**, specifically for the purpose of satisfying the Indian ODI/APR reporting requirement.

The engagement should be structured strictly in accordance with applicable ICAI Standards on Auditing and professional requirements.

### Scope of work

The professional would be expected to:

1. Review the existing historical financial statements/accounts of the UK WOS.
2. Review the company's bank statements and underlying financial records.
3. Reconcile the material transactions and balances.
4. Review the Indian parent's investment in the WOS and subsequent repatriation of funds.
5. Review the company's assets, liabilities, share capital and expenses.
6. Review Companies House records and dissolution documentation.
7. Determine the appropriate **special-purpose financial reporting framework** for the engagement.
8. Assess whether an audit engagement under **SA 800 (Revised)** is appropriate and professionally permissible in the circumstances.
9. Identify the intended users and purpose of the special-purpose financial statements.
10. If appropriate, conduct the audit in accordance with the applicable Standards on Auditing.
11. Issue the appropriate **independent auditor's report on the special-purpose financial statements**, if professionally permissible.
12. Advise whether the resulting audited financial statements and report would be suitable for submission to the Indian AD bank for the RBI ODI APR requirement.
13. Identify any additional documentation or audit evidence required.

### Important professional requirement

The applicant must independently assess whether this engagement is **professionally permissible under ICAI requirements**.

We are **not looking for a simple certification of existing unaudited accounts**.

Any report issued must be the result of a genuine audit engagement with sufficient appropriate audit evidence and must comply with the applicable ICAI Standards on Auditing.

The applicant should specifically confirm:

* ICAI membership and practising status;
* Relevant audit experience;
* Experience with SA 800 (Revised);
* Experience with special-purpose financial statements;
* Whether they have undertaken audits for regulatory or overseas-investment purposes;
* Whether they are comfortable auditing financial statements of a foreign entity for a specific regulatory purpose;
* Whether they are comfortable dealing with a company that has subsequently been dissolved; and
* Their view on whether SA 800 is an appropriate framework for this particular engagement.

### Documents available

We have substantial supporting documentation, including:

* Existing financial statements/accounts;
* Bank statements;
* Companies House records;
* Dissolution documentation;
* Details of the Indian parent's investment;
* Repatriation documentation;
* Corporate records;
* Supporting transaction records; and
* Other relevant financial documentation.

### Deliverable

Subject to the professional's assessment of the appropriate framework and ICAI requirements:

**Audited special-purpose financial statements of the UK WOS together with an appropriate independent auditor's report under SA 800 (Revised), suitable for consideration by the Indian AD bank in connection with the RBI ODI APR.**

The professional must first confirm that the proposed engagement and report are professionally permissible.

### Proposal requirements

Please provide:

1. ICAI membership/practising details.
2. Relevant audit experience.
3. Experience with SA 800 (Revised).
4. Experience with special-purpose financial statements.
5. Experience with foreign subsidiaries / overseas entities.
6. Experience with FEMA/RBI ODI reporting, if any.
7. Your proposed approach to the engagement.
8. Estimated professional fee.
9. Estimated turnaround time.

**Please do not bid if your proposed service is merely to certify the existing unaudited accounts without performing an appropriate audit engagement.**

The professional will be expected to determine and confirm the appropriate professional and regulatory basis before commencing the work.