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Audit report of a branch of private limited company

seema singla (chartered accountant) (356 Points)

22 June 2016

Plz confirm If in case of branch audit of private limited company, audit report as well as caro along with financial statements are to be made. Plz reply Thanx

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 22 June 2016

As per CARO,2016 notified by MCA dated 29.03.2016, it shall apply to private companies if it satisfies one or more of the following criteria: a private limited company, not being a subsidiary or holding company of a public company, having a paid up capital and reserves and surplus not more than rupees one crore as on the balance sheet date and which does not have total borrowings exceeding rupees one crore from any bank or financial institution at any point of time during the financial year and which does not have a total revenue as disclosed in Scheduled III to the Companies Act, 2013 (including revenue from discontinuing operations) exceeding rupees ten crore during the financial year as per the financial statements.