CARO

21 FAQ’s on Companies Auditor Report Order (CARO) 2020 in India

Company Law - 1. Reporting for Property + Plant + Equipment (PPE) + Intangible Assets (all) (a) Maintaining of records for PPE + Intangible assets (both) (Clause 3(i) of CARO) (A) Whether company maintaining proper records for showing 100% particulars + quantitative details + also situation of PPE (all) ? + (plus) (B) Whether company maintaining prope...

Audit Manual for Small & Medium Enterprises (SME) for Financial Year 2022-2023

Company Law - Audit Manual for SMALL & MEDIUM ENTERPRISES (SME) for Financial Year 2022-2023 Audit manual contains details of Key Changes, Applicability of Accounting Standards to Companies (Changes with effect from 23.06.2021), Applicability of Accounting Standards to Non-Corporate Entities (with effect from 01.02.2022), Format of Audit Program...

Common Errors in CARO (Company Auditor’s Report Order): A Comprehensive Analysis

Company Law - Introduction: The Company Auditor’s Report Order (CARO) holds immense significance in the realm of corporate reporting as it serves as a critical tool for ensuring transparency and accountability in financial statements. CARO provides guidelines and requirements for auditors while preparing the auditor’s report for companies. ...

Format of CARO (Companies Auditor’s Report Order), 2020 in word

Company Law - Format of CARO (Companies Auditor’s Report Order), 2020 Annexure to the independent auditor’s report of even date to the members of xyz private limited, on the financial statements for the year ended 31st march 2022 Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statement...

Internal Audit Applicability under Companies Act, 2013 & CARO Reporting

Company Law - Internal Audit:- The Internal Audit helps the organization to accomplish its objectives by bringing a systematic, discipline approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal Audit will help to identify the areas of concern and present them to the management in a balanced way...

Guidance Note on Companies (Auditor’s Report) Order, 2020 (Revised 2022 Edition) 

Company Law - Guidance Note on the Companies (Auditor’s Report) Order, 2020 (CARO 2020) to provide detailed guidance on reporting requirements of CARO 2020...

Exposure Draft of Revised Guidance Note on CARO 2020

Company Law - Exposure Draft of Revised Guidance Note on CARO 2020 issued by the Auditing and Assurance Standards Board of ICAI The Auditing and Assurance Standards Board (AASB) of the ICAI had issued the ‘Guidance Note on the Companies (Auditor’s Report) Order, 2020‘ (Guidance Note on CARO 2020) in July 2020 to provide detailed guidance ...

Implementation Guide on Reporting under Rule 11(e) & 11(f) of Companies (Audit and Auditors) Rules, 2014

Company Law - Implementation Guide on Reporting under Rule 11(e) and Rule 11(f) of the Companies (Audit and Auditors) Rules, 2014 The Ministry of Corporate Affairs vide notification dated March 24, 2021 issued the Companies (Audit and Auditors) Amendment Rules, 2021. Pursuant to this notification, several changes have been made in Rule 11 of the Compan...

CARO 2016 applicable for November 2021 CA IPCC /Intermediate/Final Exams

Company Law - This is to bring to the attention of the students that Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs would be applicable for the IPCC (Opted out), Intermediate, Final (Old - Opted out ) and Final (New) examinations to be held in November 2021s....

CARO 2020 not applicable for May 2021 CA Examinations

Company Law - Companies (Auditor’s Report) Order, 2020 is not applicable for the IPCC, Intermediate, Final (Old) and Final (New) examinations to be held in May 2021....

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NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Circular No. NF-25013/2/2023 - (26/06/2023) - NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circular emphasizes consequences for auditors who fail to fulfill their reporting duties and clarifies that resignation does not absolve them of their responsibilities....

MCA deffers Applicability of CARO 2020 to FY 2021-22

Notification No. S.O. 4588(E) - (17/12/2020) - MCA vide order dated 17.12.2020 has changed the applicability date of Companies (Auditor’s Report) Order, 2020 to the financial years commencing on or after the 1st April, 2021. So, Companies (Auditor’s Report) Order, 2020 (CARO 2020) will be applicable from FY 2021-22. CARO 2016 will continue t...

MCA defers applicability of CARO 2020 to 1st April 2020 (FY 2020-21)

Notification No. S.O. 1219(E) - (24/03/2020) - MCA has vide its order dated 24th March 2020 announced that CARO 2020 will applies, for the financial years commencing on or after the 1st April, 2020 instead of financial years commencing on or after the 1st April, 2019. Decision is been take considering recent Outbreak of Corona Virus. GOVERNMENT ...

Companies (Auditor’s Report) Order, 2020 (CARO 2020)

Notification No. S.O. 849(E). - (25/02/2020) - (1) This Order may be called the Companies (Auditor's Report) Order, 2020. (2) It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) [hereinafter referred to as the Companies Act], except–...

Recent Posts in "CARO"

21 FAQ’s on Companies Auditor Report Order (CARO) 2020 in India

1. Reporting for Property + Plant + Equipment (PPE) + Intangible Assets (all) (a) Maintaining of records for PPE + Intangible assets (both) (Clause 3(i) of CARO) (A) Whether company maintaining proper records for showing 100% particulars + quantitative details + also situation of PPE (all) ? + (plus) (B) Whether company maintaining prope...

Posted Under: Company Law |

Audit Manual for Small & Medium Enterprises (SME) for Financial Year 2022-2023

Audit Manual for SMALL & MEDIUM ENTERPRISES (SME) for Financial Year 2022-2023 Audit manual contains details of Key Changes, Applicability of Accounting Standards to Companies (Changes with effect from 23.06.2021), Applicability of Accounting Standards to Non-Corporate Entities (with effect from 01.02.2022), Format of Audit Program...

Posted Under: Company Law |

NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Circular No. NF-25013/2/2023 26/06/2023

NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circular emphasizes consequences for auditors who fail to fulfill their reporting duties and clarifies that resignation does not absolve them of their responsibilities....

Common Errors in CARO (Company Auditor’s Report Order): A Comprehensive Analysis

Introduction: The Company Auditor’s Report Order (CARO) holds immense significance in the realm of corporate reporting as it serves as a critical tool for ensuring transparency and accountability in financial statements. CARO provides guidelines and requirements for auditors while preparing the auditor’s report for companies. ...

Format of CARO (Companies Auditor’s Report Order), 2020 in word

Format of CARO (Companies Auditor’s Report Order), 2020 Annexure to the independent auditor’s report of even date to the members of xyz private limited, on the financial statements for the year ended 31st march 2022 Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statement...

Posted Under: Company Law |

Internal Audit Applicability under Companies Act, 2013 & CARO Reporting

Internal Audit:- The Internal Audit helps the organization to accomplish its objectives by bringing a systematic, discipline approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal Audit will help to identify the areas of concern and present them to the management in a balanced way...

Posted Under: Company Law |

CARO Checklist 2022

Article contains Checklist for Matters to be included in auditor’s report under Companies (Auditor’s Report) Order (CARO) as applicable for financial statement of Financial year 2021-22....

Posted Under: Company Law |

Fixed Assets Management – Legal Compliances

Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment....

Posted Under: Company Law |

Format of Independent Auditor’s Report for FY ending 31/03/2022 | Auditor’s Report as per CARO 2020

Format of Independent Company Auditor’s Report for Financial Year ending 31/03/2022 | Auditor’s Report as per CARO 2020    INDEPENDENT AUDITOR’S REPORT To The Members of ABC Private Limited Report on the audit of the Financial Statements Opinion We have audited the accompanying Financial Statements of ABC Private Limited ...

Posted Under: Company Law |

Applicability of CARO 2020 & amended Schedule III on Annual Filing of FY 2021-22

Amended Schedule-III & CARO 2020 is applicable on Statutory Companies Auditor’s Report which is to be prepared for Financial Year 2021-22. ...

Posted Under: Company Law |

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