Best Accounting & Auditing Lawyers in Hyderabad

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Somireddy Law
Hyderabad, India

Founded in 2017
English
Somireddy Law Group (SLG) is a full-service law firm with offices in Hyderabad, India, and the United States, offering comprehensive legal solutions tailored to the needs of both corporations and individuals. The firm's core practice areas encompass immigration, employment litigation, corporate...
M/S KVSB Advocates
Hyderabad, India

Founded in 2003
10 people in their team
Telugu
English
Hindi
We at M/s.KVSB Advocates are not only concerned with the quality of services but also care for our approach, value, commitment and behaviors towards fulfillment of client's objective. With a strong belief in individuality of each client, we always endeavor to provide personalized professional...
Anirudh & Associates
Hyderabad, India

English
Anirudh & Associates is a distinguished full-service corporate law firm in India, renowned for its comprehensive legal expertise and commitment to expeditious case resolutions. The firm offers a wide array of services, including corporate and commercial litigation, insolvency and bankruptcy...
JVR Law Associates
Hyderabad, India

Founded in 1993
English
JVR Law Associates, based in Hyderabad, India, brings over 32 years of legal expertise to a diverse clientele. The firm's seasoned attorneys specialize in civil and criminal disputes, family law, writ petitions, and company law, offering comprehensive legal solutions tailored to each client's...
Kamal & Co. Advocates
Hyderabad, India

Founded in 1998
English
Kamal & Co. Advocates, established in 1998, offers comprehensive legal services across various domains, including criminal law, corporate law, family law, real estate, and civil litigation. The firm is committed to delivering top-tier legal representation with a client-first approach, ensuring...
Avadhani & Associates
Hyderabad, India

English
Avadhani & Associates, headquartered in Hyderabad, India, is a distinguished law firm led by Mr. V.S.R. Avadhani, a former Secretary General of the Supreme Court of India. The firm offers a comprehensive range of legal services, including arbitration, immigration, constitutional law, tax law,...
Eeva Patent Services
Hyderabad, India

Founded in 2008
English
Eeva Patent Services, operating under Eeva IP & IT Services Pvt Ltd, is a distinguished law firm based in Hyderabad, India, specializing in comprehensive intellectual property (IP) services. With over 12 years of dedicated experience, the firm has successfully represented more than 2,500 patent...
Hyderabad, India

English
Achievers Law Firm, based in Hyderabad, India, is a prominent legal practice offering a comprehensive range of services across criminal and civil law. The firm's expertise encompasses areas such as bails and anticipatory bails, quashing of FIRs and charge sheets, cheque bounce cases, legal notices...

Founded in 2009
English
Hariharan & Hariharan Law Offices, established in 2009 through the merger with a law practice dating back to 1979, is a full-service law firm headquartered in Hyderabad, India. The firm offers comprehensive legal services, including corporate advisory, dispute resolution, and arbitration, catering...
Adavikolanu Law Chambers
Hyderabad, India

English
Adavikolanu Law Chambers is a distinguished legal firm in India, renowned for its extensive expertise in banking and finance law. The firm offers a comprehensive range of services, including due diligence, contract drafting, and litigation, catering to both individual and corporate clients. Their...
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About Accounting & Auditing Law in Hyderabad, India

Accounting and auditing in Hyderabad, India, are governed by a mix of national and state laws, adhering to the established standards and regulations. Hyderabad, being an economic hub in the southern region, comprehensive regulations exist to oversee financial practices. Auditors and accountants must comply with the Indian Accounting Standards (Ind AS), and the Companies Act, 2013, which dictates the financial disclosures and auditing requirements for companies. The city's businesses also come under the purview of the Institute of Chartered Accountants of India (ICAI), which sets ethical standards and provides guidance on accounting practices.

Why You May Need a Lawyer

Common situations where legal help may be required in the field of accounting and auditing are:

  • Corporate governance issues where professional advice is needed to ensure compliance with complex regulations.
  • Financial disputes arising from allegations of financial misstatements or fraud.
  • Internal audits that raise concerns requiring legal interpretation.
  • External regulatory audits that result in disputes or potential litigation.
  • Business transactions, like mergers and acquisitions, where thorough due diligence is a legal necessity.

Local Laws Overview

Key aspects of local laws pertinent to Accounting & Auditing in Hyderabad include:

  • The Companies Act, 2013, which mandates how companies should maintain their books of accounts and conduct audits.
  • Income Tax Act, 1961, where rules regarding accounting for tax purposes are defined.
  • Goods and Services Tax (GST) laws, which affect the accounting practices for indirect taxation.
  • Insolvency and Bankruptcy Code, 2016, which has specific provisions relating to financial statements and their scrutiny in insolvency proceedings.
  • Professional standards set by the ICAI that every practicing accountant and auditor must follow.

Frequently Asked Questions

What are the Indian Accounting Standards?

Indian Accounting Standards (Ind AS) are the Accounting standards adopted by companies in India and issued under the supervision and control of the Accounting Standards Board (ASB) which was constituted as a body in the year 1977. Ind AS are based on International Financial Reporting Standards (IFRS).

How often are companies in Hyderabad required to audit their financial statements?

Companies in Hyderabad, like elsewhere in India, must audit their financial statements annually. However, certain small companies may qualify for exemptions under specific conditions.

Are foreign accounting standards recognized in Hyderabad?

Foreign accounting standards are not directly recognized for statutory reporting. However, foreign companies operating in Hyderabad may use International Financial Reporting Standards (IFRS) or other standards for internal or parent-company reporting.

What is the role of a Chartered Accountant in Hyderabad?

A Chartered Accountant (CA) in Hyderabad can engage in private practice or be employed by a firm to provide accounting and auditing services, including but not limited to tax consulting, financial accounting, and auditing.

What can I do if I suspect accounting fraud in my company?

If you suspect accounting fraud in your company, it is advisable to consult a lawyer specializing in corporate law or forensic accounting to guide you on the steps to take, which may include an internal investigation and notifying regulators.

Are there specific accounting requirements for startups in Hyderabad?

Startups in Hyderabad must follow the same accounting and auditing regulations as other companies. They may also be eligible for certain tax benefits and exemptions for which proper accounting records need to be maintained.

What is the importance of GST in accounting?

Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that has a significant impact on accounting practices. GST affects how transactions are recorded, tax credits are accounted for, and tax returns are filed.

Can a lawyer represent an individual in a tax audit?

Yes, a lawyer with experience in tax law can represent an individual or a company in a tax audit and provide legal advice on matters arising from the audit.

How can I ensure my business is complying with local accounting laws?

To ensure compliance with local accounting laws, businesses should engage a qualified accountant or auditor who regularly assesses their financial practices against the relevant laws and accounting standards.

What is the consequence of non-compliance with accounting standards in Hyderabad?

Non-compliance with accounting standards in Hyderabad can lead to penalties, fines, and even legal action against the company or its officers, as well as reputational damage.

Additional Resources

Valuable resources for legal advice in Accounting & Auditing in Hyderabad include:

  • The Institute of Chartered Accountants of India (ICAI) for professional standards.
  • The Ministry of Corporate Affairs (MCA) for regulations regarding company law.
  • The Comptroller and Auditor General (CAG) of India for government audits.
  • The Income Tax Department for tax-related regulations and auditing.

Next Steps

If you require legal assistance in Accounting & Auditing, consider taking the following steps:

  • Identify the nature of your legal need—whether it's related to statutory compliance, tax, corporate governance, or a dispute.
  • Look for lawyers or law firms in Hyderabad specializing in corporate law with experience in accounting and auditing.
  • Prepare your financial statements and relevant documents before consulting the lawyer.
  • Discuss your situation in detail with your lawyer to understand the best course of action.
  • Follow the legal advice given and ensure that any future accounting practices adhere to the law and professional standards.
Lawzana helps you find the best lawyers and law firms in Hyderabad through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Accounting & Auditing, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Hyderabad, India—quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.