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Substantive Audit

Substantive Audit Template for India

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Key Requirements PROMPT example:

Substantive Audit

"I need a Substantive Audit agreement for our manufacturing company with operations across five states in India, including specific provisions for branch audits and inventory verification procedures, with the audit period starting from April 2025."

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Document background
The Substantive Audit agreement is a fundamental document required for companies operating in India that need comprehensive audit services in compliance with local regulations. This document becomes necessary when a company requires detailed examination of its financial statements, internal controls, and compliance mechanisms as per Indian statutory requirements. The agreement specifically outlines the framework for conducting a Substantive Audit, including detailed testing of transactions, balances, and disclosures, while adhering to the Standards on Auditing issued by ICAI and the Companies Act 2013. It is particularly crucial for ensuring regulatory compliance, maintaining corporate governance standards, and meeting stakeholder expectations in the Indian business environment. The document incorporates specific provisions for risk assessment, materiality determination, and reporting requirements unique to the Indian audit landscape.
Suggested Sections

1. Parties: Identification of the audit firm and the client company, including their legal status, registration details, and addresses

2. Background: Context of the audit engagement, including the client's business nature and the requirement for the audit

3. Definitions: Definitions of key terms used throughout the agreement

4. Scope of Services: Detailed description of the audit services to be provided, including the period of audit and nature of examination

5. Auditor's Responsibilities: Comprehensive outline of the auditor's duties, obligations, and professional commitments

6. Client's Responsibilities: Client's obligations including providing information, access to records, and management representations

7. Audit Methodology: Overview of the audit approach, procedures, and compliance with relevant auditing standards

8. Deliverables: Description of reports, certificates, and other outputs to be provided

9. Timeline: Schedule of the audit process, including key milestones and reporting deadlines

10. Fees and Payment Terms: Fee structure, payment schedule, and out-of-pocket expenses

11. Confidentiality: Provisions regarding confidentiality of client information and audit findings

12. Independence: Declarations and provisions ensuring auditor independence

13. Limitation of Liability: Clauses limiting the auditor's liability within professional standards and legal requirements

14. Term and Termination: Duration of the engagement and conditions for termination

15. Governing Law and Jurisdiction: Specification of applicable Indian law and jurisdiction for dispute resolution

Optional Sections

1. Group Audit Considerations: Required when the client is part of a larger group structure, detailing coordination with group auditors

2. Specialized Industry Requirements: Needed for clients in regulated industries like banking, insurance, or NBFCs

3. Internal Audit Coordination: Required when there's significant reliance on or coordination with internal audit function

4. IT Audit Procedures: Needed for clients with complex IT systems requiring specialized IT audit procedures

5. Branch Audit Provisions: Required for companies with multiple branches requiring separate branch audits

6. Foreign Reporting Requirements: Needed for clients with foreign operations or reporting obligations

7. Stock Exchange Compliance: Required for listed companies subject to stock exchange regulations

8. Statutory Compliance Review: Optional detailed review of specific statutory compliance areas

Suggested Schedules

1. Schedule A - Audit Team: Details of key audit team members and their roles

2. Schedule B - Fee Structure: Detailed breakdown of fees, including basis of calculation and payment milestones

3. Schedule C - Timeline and Milestones: Detailed audit schedule with specific dates and deliverables

4. Schedule D - Required Client Documentation: List of documents and information required from the client

5. Schedule E - Audit Procedures: Detailed audit procedures and methodology to be followed

6. Appendix 1 - Management Representation Format: Template for management representations required during the audit

7. Appendix 2 - Quality Control Procedures: Description of the firm's quality control procedures applicable to the engagement

8. Appendix 3 - Reporting Templates: Standard formats for various reports and certificates to be issued

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Manufacturing

Information Technology

Financial Services

Healthcare

Retail

Real Estate

Infrastructure

Telecommunications

Energy

Automotive

Pharmaceuticals

Banking

Insurance

Education

Hospitality

Mining

Agriculture

Media and Entertainment

Relevant Teams

Finance

Accounting

Internal Audit

Compliance

Legal

Risk Management

Corporate Governance

Treasury

Tax

Board of Directors

Audit Committee

Executive Management

Operations

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Finance Director

Audit Partner

Audit Manager

Senior Auditor

Company Secretary

Compliance Officer

Financial Controller

Accounts Manager

Risk Manager

Internal Audit Head

Board Director

Audit Committee Chairman

Treasury Manager

Tax Manager

Corporate Governance Head

Legal Counsel

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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