How can I get the financial statements of Private company of India?
To start with you may visit the company's website first and check if there's a copy of their latest financial statement therein.If that doesn't work, you may fetch the statements by making an account with the MCA at www.mca.gov.in and as explained by the others here, go to ‘View Public Documents' in the Services Tab, fill in the name of the company (my personal suggestion would be to first go the master data tab, fetch the CIN and then paste that in the View Public Documents tab, that makes it easier.After that select the year for which the documents are required; then enter the type of documents required - ‘Balance Sheet and other Attachments'. If the company has filed those statements with MCA for that particular year, it'll show. Add the company to the cart and make a payment of INR 100.Once your payment is successful, you'll get a challan, i.e. an acknowledgement of payment of INR 100. This challan has a validity of seven days and once you start viewing the documents, you can view/download them for three hours.After making the payment, go to 'My Workspace’, at the end of the page, you would find a link of the company for which you had requested the documents, click on 'View/Download’ tab and it'll open you a dialog box of all the documents that the company has filed with MCA till date of every nature.If you want to view the balance sheet after 2013, you can find that in Form AOC -4 filed with MCA. In case you're looking for an old balance sheet before 2013, you can find that as an attachment to Form 23AC/ACA.Apart from MCA, there are other sites like Capitaline, Prowess, etc which offer you access to financial statements but on a paid basis only. You may refer to these websites.Please make a judicious use of the documents.Best wishes. :)
How do I get the financial statements of a private U.S company?
In general, these are not available unless, as others have noted, you have a legitimate reason to have them (investor, creditor, banker, accountant, etc). Some have mentioned paid programs like privco or sageworks. In my experience, these kind of paid platforms offer estimated financial information based on publicly available statistics like employee count, industry, and locations.If you aren't in one of the above categories and are still looking for the information, there are a few places where you might find what you need:If the company has publicly traded debt, in which case you can find information on Edgar (SEC database)Dun & Bradstreet has a particular report called the international credit report. It cost about $500 and can contain complete audited statements for companies that choose to provide them to support their credit rating. Typically these are only companies, including American ones, that are working internationally.If the company holds government contracts (state or federal) you can FOIA their submission, which might include financial information if it were part of the original RFP.Court documents can sometimes have pieces of this data too, but you have to know there is a relevant case, and the records can be sealed making them inaccessible.In general, you should be able to make reasonable estimations about a companies position based on your knowledge and public information. There are few ways to do this more accurately that involve additional levels of research, but at the end of the day, these are still going to be estimates.While it might be interesting to have a company's financial statements, I would encourage you to ask: what is the real value in this? And, how else can I get to a good answer about whatever situation you are in at the moment? You can always call the CEO and make your pitch to sign an NDA and get the information, but this is a low probability outcome and potentially a risky move.
How do you conduct an internal audit for a company? What steps need to be followed?
Internal audit is the independent management function.1. decide the scope of internal audit ( depends upon type of industry and entity i.e. manufacturing, service etc. )2. develop an audit plan.( below is the audit plan of an manufacturing entity ) a) production department =analyze the production compare with the standard production quantity =check the efficiency i.e the the time taken for the given quantity of production b)quality control department = cost of poor quality which involves below par good manufactured, scraped goods, amount spent on rectification of the below par goods.= analyze PPM i.e parts per million which indicate the quantity of below par goods, analyze the trend over the past periods.c) Finance Department = analyze the debtor and creditor ageing= inventory ageing= whether different taxes have been levied, collected and deposited (INDIA- VAT, Excise duty, Service Tax & TDS)= On sample basis check the routine journal entries= check all the unusual journal entries such as amalgamation, merger etc= check the provisions made in the accounting period and whether they are appropriate d) Personnel and administration=check for all the labor welfare compliance=payments to employees and workers have made on time.= statutory returns have been filed on time=the entity hold all the certification as required by the authorites Above was just a summary of an extensive planfor details feel free to email at sagarnarang7955@gmail.com
What are the differences between public and private accounting?
Public accounting (you work with a firm that audits private or public companies/governments): you can either be an auditor or a tax accountant Auditor - you work long hours (when depends on when your client's year end is) and travel sometimes. You need to know GAAP, FASB, and other standards (depending on what industry you audit). You sometimes work weekends. Tax - you work long hours from January - April (anywhere from 60+ hours) and on weekends. You work moderate hours from May through October - this is when all the extended tax returns are done. Private accounting: you work for a company in their accounting department. Many public accountants, after a few years (approximately 5 years), change to private accounting to avoid the long hours and for better pay (sometimes). You deal more with the entries for accounting than the overall results. There are other areas for accountants, such as forensic accountants (what I'm working towards), business valuation, etc.
What is the last date of filing a statutory audit?
In case of Statutory Audit under Companies Act, 2013 The filing of annual accounts is governed under Section 129 (3), 137, of The Companies Act , 2013 read with Rule 12 of the Company (Accounts) Rules, 2014 and annual return is governed under Section 92 of the Companies Act, 2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.The due date of filing of Annual Accounts is within 30 Days from the end of Annual General Meeting & in case of One Person Company it is 180 day's from the end of Financial Year.Now, as per section 96 of the Companies Act, 2013. A company needs to hold it's AGM within 6 months from the end of the financial year and in case it is the first year of the incorporation of the company then it needs to hold its first AGM within 9 months from the end of financial year.It is to be noted that AGM requires an audited financial statements.So, in general the last date for filing of audited annual return in case of statutory audit under the Companies Act, 2013 is 30th September, 20XX.Also, in case of Statutory audit under Income Tax Act, 1961. The Audit Report form 3CA & 3CD is to be filed by 30th September, 20XX. In case of assesses liable to transfer pricing audit, the due date is extended to 30th November, 20XX.So, the two main statutory acts require the audited accounts along with the report to be submitted by 30th September, 20XX.