TaxTMI 
TaxTMI 
Could the experts enlighten on the format of the audit report to be provided with APR to be submitted to RBI relating to overseas subsidiaries? Thanks
Audit report to be submitted for purposes of APR submission to RBI
15 Dec 2025 
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APR audit report for overseas subsidiaries must include an auditor's certificate confirming audited or duly certified financials.
RBI does not mandate a rigid audit report format for APRs of overseas subsidiaries but requires audited or duly certified financial statements and a professionally issued auditor's certificate reconciling exactly with APR figures; accepted contents include an Independent Auditor's Report/Auditor's Certificate, balance sheet, profit and loss, cash flow statement, notes to accounts and certification details, with confirmations on capital, reserves, net worth, turnover, profit/loss, dividends and FEMA compliance. Foreign statutory audits are acceptable where conducted; where audit is not mandatory, Indian auditor certification or CA certified management accounts are accepted in practice, subject to RBI clarification. (AI Summary)
RBI does not mandate a rigid audit report format for APRs of overseas subsidiaries but requires audited or duly certified financial statements and a professionally issued auditor's certificate reconciling exactly with APR figures; accepted contents include an Independent Auditor's Report/Auditor's Certificate, balance sheet, profit and loss, cash flow statement, notes to accounts and certification details, with confirmations on capital, reserves, net worth, turnover, profit/loss, dividends and FEMA compliance. Foreign statutory audits are acceptable where conducted; where audit is not mandatory, Indian auditor certification or CA certified management accounts are accepted in practice, subject to RBI clarification. (AI Summary)