CARO - Page 4

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

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....

Posted Under: CA, CS, CMA |

‘CARO’ 2020 | Key analysis & Changes

Companies Auditors Report Order, ‘CARO’ 2020 | Key analysis & Changes MCA (Ministry of Corporate Affairs), in consultation with the NFRA (National Financial Reporting Authority) and by virtue of Section 143(11) of Companies Act, 2013 (Companies Act), has issued Companies (Auditor’s Report) Order, 2020 (CARO, 2020) on...

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Audit Reports for Corporates FY 2020-21

Ministry of corporate affairs (MCA) has recently notified some major changes in reporting requirements of financial statement by notifying amendments in Schedule III of companies Act 2013 to be applicable from FY 2021-22 these changes will correspondingly effect reporting and preparation of independent auditor’s report as well, thou...

Posted Under: CA, CS, CMA |

‘Companies (Auditor’s Report) Order, 2020’ Reporting requirements

CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020. This order (CARO […]...

Posted Under: CA, CS, CMA |

Reporting Requirements Under CARO 2020

CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 has included additional reporting requirements after consultations with the NFRA.** The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors. Every report made by […]...

Posted Under: CA, CS, CMA |

CARO 2020 – Unfold Practical Aspects

UNFOLD CARO 2020, COMPANIES ACT, 2013 PART 1 – CLAUSES 3(i) to 3(iii) {As empowered to the Central Govt. under Section 143(11) of Companies Act, 2013 with the consultation “National Financial Reporting Authority” (NFAR)} When I started my career as ‘Practicing Chartered Accountant’ then reporting under Companies (Auditor...

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CARO 2020 not applicable for May 2021 CA Examinations

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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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...

Posted Under: CA, CS, CMA |

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....

Posted Under: CA, CS, CMA |

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...

Posted Under: CA, CS, CMA |

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