Indian Gapp Executive

3 months ago

Chennai Tamil Nadu, India Jobbycart Technologies Full time

**Indian Generally Accepted Accounting Principles (GAAP) **are a set of accounting standards used in India. They provide guidelines and standards for financial reporting, ensuring consistency, transparency, and comparability of financial statements. The roles and responsibilities related to **Indian GAAP **primarily involve various stakeholders, including regulatory bodies, auditors, companies, and accountants. Here’s a detailed look at these roles and responsibilities:
Regulatory Bodies Ministry of Corporate Affairs (MCA)
- **Role**: Oversees the implementation and enforcement of accounting standards in India.
- **Responsibilities**:

- Issue notifications and guidelines related to accounting standards.
- Ensure compliance with the Companies Act, 2013.
- Monitor the financial reporting process.

Institute of Chartered Accountants of India (ICAI)
- **Role**: Primary body responsible for formulating and issuing accounting standards in India.
- **Responsibilities**:

- Develop and update accounting standards.
- Provide guidance notes and interpretations.
- Conduct training and continuing education programs for accountants and auditors.
- Monitor compliance through peer reviews and disciplinary actions.

CompaniesBoard of Directors
- **Role**: Ensure that the company adheres to Indian GAAP in its financial reporting.
- **Responsibilities**:

- Implement and maintain adequate internal controls.
- Approve financial statements before they are published.
- Ensure the accuracy and completeness of financial disclosures.

Chief Financial Officer (CFO) / Financial Controller
- **Role**: Oversee the financial reporting process and ensure compliance with Indian GAAP.
- **Responsibilities**:

- Prepare financial statements in accordance with Indian GAAP.
- Ensure proper documentation and records are maintained.
- Coordinate with auditors and address any queries or issues.

Accountants
- **Role**: Prepare and maintain financial records in compliance with Indian GAAP.
- **Responsibilities**:

- Record transactions accurately and timely.
- Prepare financial statements and disclosures.
- Stay updated with changes in accounting standards and practices.
- Assist in implementing internal controls.

AuditorsInternal Auditors
- **Role**: Evaluate the effectiveness of internal controls and financial reporting processes.
- **Responsibilities**:

- Conduct regular audits to ensure compliance with Indian GAAP.
- Identify and report any discrepancies or weaknesses in the internal control system.
- Provide recommendations for improvement.

External Auditors
- **Role**: Provide an independent opinion on the fairness of the financial statements.
- **Responsibilities**:

- Conduct audits in accordance with auditing standards.
- Verify that financial statements are prepared in compliance with Indian GAAP.
- Report any material misstatements or non-compliance issues.
- Communicate with the company’s management and board of directors regarding audit findings.

Investors and Analysts
- **Role**: Use financial statements to make informed decisions.
- **Responsibilities**:

- Analyze financial statements prepared under Indian GAAP.
- Evaluate the financial health and performance of companies.
- Provide feedback or raise concerns regarding financial disclosures.

By fulfilling these roles and responsibilities, stakeholders ensure that financial statements are reliable, transparent, and adhere to the required standards, thereby maintaining the integrity of financial reporting in India.

**Benefits**:

- Provident Fund

Schedule:

- Day shift

Supplemental Pay:

- Yearly bonus

**Experience**:

- IFRS: 10 years (preferred)
- Indian GAAP: 10 years (preferred)

Work Location: In person

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