CARO

Detailed Comparison of CARO 2020 with CARO 2016

Company Law - Section 143 (11) of the Companies Act, 2013 stipulates that the Central Government may order for the inclusion of statement on specified matter in the auditor’s report for specified class or description of companies. Accordingly, CARO 2016 was issued in pursuance of Section 143 (11) of Companies Act 2013 for inclusion of the matters spe...

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Applicability of CARO, 2020 from Financial Year 2021-22

Company Law - MCA has changed the applicability date of CARO, 2020 to the financial years commencing on or after the 1st April, 2021. So, CARO 2020 will be applicable from Financial Year 2021-22....

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Applicability of Cash Flow Statement, CARO (2016 & 2020) & Internal Financial Control

Company Law - Applicability of Cash Flow Statement: – According to Section 2(40) of Companies Act, 2013, The Financial statements of a company include Cash Flow Statement. Cash Flow Statement is governed by The Companies (Accounting Standards) Rules, 2006 (AS 3) and The Companies (Indian Accounting Standards) Rules, 2015 (Ind AS 7), as applicable...

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Decoding CARO –Proprietary and Governance issues

Company Law - Central Government, in exercise of the powers, issued the Companies (Auditor’s Report) Order, 2020, (CARO 2020/ ‘the Order’) vide Order number S.O. 849(E) dated 25th February 2020. CARO 2020 was initially applicable for audits of financial year 2019-20 and onwards. Subsequently, its applicability has been deferred by one yea...

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Companies Auditor’s Report Order (CARO) 2020

Company Law - Introduction:- The Ministry of Corporate Affairs (MCA) has announced a new format for statutory Audits of Companies. MCA notified the Companies Order (Audit Report) 2020 on February 25, 2020 (CARO 2020). The order (CARO 2020) replaces the previous order under the Companies Order (Auditor’s Report), 2016. Under the Companies Act 2013...

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MCQs on Guidance Note on Companies (Auditor’s Report) Order, 2020

Company Law - MCA issued Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020. CARO 2020 would be applicable for audits of financial year 2020-21 and onwards. CARO 2020 contains several significant changes and several new reporting requirements vis-à-vis CARO 2016....

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

Company Law - The Ministry of Corporate Affairs (MCA) has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020, which was initially applicable for statutory audits of financial statements for periods beginning on or after April 1, 2019....

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Draft Guidance Note on Companies (Auditor’s Report) Order, 2020

Company Law - The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020 which is applicable for audits of financial statements for the financial years beginning on or after 1st April, 2019. We hereby inform you that the Auditing and Assurance Standards Board of ICAI is in the process [...

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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...

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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 ...

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Recent Posts in "CARO"

Detailed Comparison of CARO 2020 with CARO 2016

Section 143 (11) of the Companies Act, 2013 stipulates that the Central Government may order for the inclusion of statement on specified matter in the auditor’s report for specified class or description of companies. Accordingly, CARO 2016 was issued in pursuance of Section 143 (11) of Companies Act 2013 for inclusion of the matters spe...

Read More
Posted Under: Company Law |

Applicability of CARO, 2020 from Financial Year 2021-22

MCA has changed the applicability date of CARO, 2020 to the financial years commencing on or after the 1st April, 2021. So, CARO 2020 will be applicable from Financial Year 2021-22....

Read More
Posted Under: Company Law |

Applicability of Cash Flow Statement, CARO (2016 & 2020) & Internal Financial Control

Applicability of Cash Flow Statement: – According to Section 2(40) of Companies Act, 2013, The Financial statements of a company include Cash Flow Statement. Cash Flow Statement is governed by The Companies (Accounting Standards) Rules, 2006 (AS 3) and The Companies (Indian Accounting Standards) Rules, 2015 (Ind AS 7), as applicable...

Read More
Posted Under: Company Law |

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 to be applicable for Financial Year 2020-...

Read More

Decoding CARO –Proprietary and Governance issues

Central Government, in exercise of the powers, issued the Companies (Auditor’s Report) Order, 2020, (CARO 2020/ ‘the Order’) vide Order number S.O. 849(E) dated 25th February 2020. CARO 2020 was initially applicable for audits of financial year 2019-20 and onwards. Subsequently, its applicability has been deferred by one yea...

Read More
Posted Under: Company Law |

Companies Auditor’s Report Order (CARO) 2020

Introduction:- The Ministry of Corporate Affairs (MCA) has announced a new format for statutory Audits of Companies. MCA notified the Companies Order (Audit Report) 2020 on February 25, 2020 (CARO 2020). The order (CARO 2020) replaces the previous order under the Companies Order (Auditor’s Report), 2016. Under the Companies Act 2013...

Read More
Posted Under: Company Law |

A Checklist for compliance for Companies (Auditor’s Report) Order, 2020

Ministry of Corporate Affairs had issued Companies (Auditor’s Report) Order, 2020 (hereinafter “CARO 2020”) vide Order no. S.O. 849(E) dated 25th February, 2020 in place of the existing Companies (Auditor’s Report) Order, 2016 (“CARO 2016”) dated 29th March 2016. Initially, CARO 2020 was effective for the financial yea...

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Posted Under: Company Law |

Companies (Auditor’s Report) Order, 2020

Provision of Companies (Auditor’s Report) Order, 2020 shall apply to every Companies including a Foreign Company as defined under Section 2(42) of Companies Act, 2013....

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Posted Under: Company Law |

Provisions of CARO- Companies (Auditor’s Report) Order, 2020

Provisions of CARO- The Companies (Auditor’s Report) Order, 2020 1. Rule 1 Applicability CARO shall apply to every company including a Foreign company under section 2(42) except- a. Banking Company as defined in section 5(c)  of the Banking Regulation Act, 1949. b. An insurance company as defined under insurance act 1938; c. Section 8 ...

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Posted Under: Company Law |

MCQs on Guidance Note on Companies (Auditor’s Report) Order, 2020

MCA issued Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020. CARO 2020 would be applicable for audits of financial year 2020-21 and onwards. CARO 2020 contains several significant changes and several new reporting requirements vis-à-vis CARO 2016....

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Posted Under: Company Law |

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