The Ministry of Corporate Affairs has issued the Companies (Auditor’s necessitated the revision of the Statement on CARO earlier issued by ICAI. Statement on CARO for audit of financial statements for the confident that this Guidance Note on CARO would be found useful and well. There is no guidance note on CARO as such. There is a Statement on The Companies (Auditor’s Report) Order, issued by the Institue. 2. GUIDANCE NOTES 1. (CARO. keeping in view the circumstances of the case. To take care of these amendments the statement is revised by ICAI. the.
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However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry.
In addition, the Statement, at appropriate places also contains illustrative wordings of the report under a particular clause of the Order. Sign up for an Event. The purpose of the Statement is to enable the members of the Institute to comply with the requirements of the Companies Auditor’s Report Order, No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.
CARO Guidance Note
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The Statements also isshed extensively with other significant aspects of the Order, for example, applicability to a private company, issues to consider in respect of paid up capital and reserves, outstanding loans, public deposits, financial institutions, turnover, date of determination of limits in respect of all these aspects, period of compliance, general approach to the Order.
Frauds notices or reported. The Companies Act, has ceased to have effect from 01st April, No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.
We are given to understand by MCA that an Order being a smaller version of CAROapplicable for the financial yearmay be notified soon under section 11 of the Companies Act, Until the aforesaid Order is issued, no additional reporting under section 11 of the Companies Act, is required by the Auditors for the financial year The Order contains certain matters on which the auditors of companies have to make a statement in their audit report.
Members are advised to keep a watch on the MCA site www.
CARO Guidance Note
The Ministry of Guidancce Affairs MCA is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 11 of the Companies Act, for the Financial Year ICAI is also a member of the said issuef.
It may be worthwhile to note that CARO, apart from requiring the auditors to report on matters which were included in MAOCARO, included certain new clauses on which the auditors are now required to make a statement in their audit reports.
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Sign up for an Event. Look up CPE Events in my location. CARO, supercedes the earlier Order issued inviz. The Statement also contains detailed clause-by-clause guidance on all the reporting requirements under the Companies Auditor’s Report Order Some of the significant clauses added, inter alia, by CARO, are requiring the auditor to report on maintenance of proper inventory records, disposal of significant part of fixed assets of the company affecting the going concern, the use of funds raised by companies through public issues, requiring the auditor to report whether any fraud on or by the company has been noticed or reported during the year under audit, the application of funds raised on short-term basis for long-term purposes, etc.