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The Ministry of Corporate Affairs (MCA) issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020. CARO 2020 was initially applicable for audits of financial year 2019-20 and onwards. Subsequently its applicability was deferred two times vide notification dated 24th March 2020 and 17th December 2020. CARO 2020 is ...
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– (i) a banking company as defined in clause (c) of section 5 of the Banking
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Feb 25, 2020 · MCA Notifies Companies (Auditor’s Report) Order, 2020 (CARO 2020). The CARO, 2020 is applicable for audit of financial statements of eligible companies for the financial years commencing on or after the 1st April, 2019. New Delhi, the 25 th February, 2020.
- Reporting on Property, Plant and Equipment’s (PPE) and Intangible Assets [Clause-1] In CARO 2016, companies are required to report on the maintenance of particulars including quantitative details of PPE, physical verification of PPE at reasonable intervals and title of immovable properties are held in the name of the company.
- Reporting on Inventory [Clause-2] In CARO 2016, auditor is required to report whether management has physically verified the inventory or not and if any material discrepancies is there, then it shall be required to report.
- Reporting on Loans, Investments, Guarantees, Securities and Advances in nature of Loan [Clause-3] In CARO 2016, grant of any loans whether secured or unsecured is required be reported and this clause is applicable to parties registered and covered in section 189 of the Companies Act, 2013.
- Reporting on Deposits [Clause-5] In CARO 2016, whether the company has accepted deposits in accordance with the directions issued by the RBI, or the provisions of section 73 to section 76 or any other relevant provisions of the Companies Act, 2013.
Jul 14, 2022 · CARO 2020 contains many new reporting requirements for auditors such as revaluation of property, plant and equipment (including right of use assets) or intangible assets, benami property, working capital limits on basis of security of current assets, granting loans or advances in the nature of loans which are either repayable on demand or withou...
Mar 1, 2020 · The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020. This order has been issued in supersession of the Companies (Auditor’s Report) Order, 2016, and is applicable for reporting on financial statements of companies whose financial year commences on or after 1st April 2019.
Feb 27, 2020 · The MCA has issued the Companies (Auditor's Report) Order, 2020 (CARO 2020), on 25th February 2020. This order has been issued in supersession of the Companies (Auditor's Report) Order, 2016, and is applicable for reporting on financial statements of companies whose financial year commences on or after 1st April 2019.
