Client-wise accounting requires portfolio managers to record all transactions, undergo annual audits, and facilitate client-appointed audit review. Portfolio managers must maintain separate client-wise accounts recording funds, investment and disinvestment transactions, investment-related credits, ... Summary
Client-wise accounting requires portfolio managers to record all transactions, undergo annual audits, and facilitate client-appointed audit review.
Portfolio managers must maintain separate client-wise accounts recording funds, investment and disinvestment transactions, investment-related credits, expense debits, and tax deducted at source. Books of account require yearly audit by a qualified auditor to verify accounting methods, procedures, and legal duties. Portfolio accounts must undergo annual audit by an independent chartered accountant, with the certificate supplied to the client. Clients may appoint a chartered accountant to audit books and accounts relating to their transactions, and portfolio managers must cooperate.
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