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Caro(2006)

neha pritmani (ca) (182 Points)

27 August 2014

Are there any changes in caro due to the new companies act 2013???

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4 Replies

(Guest)

Yup.........................................

Gautam Sharma (CA) (68 Points)
Replied 02 September 2014

No CARO 2003 is not applicable as per Companies Act 2013.

Reason: Sec 227(4A) of Co. Act 1956 gives the power to CG for matters to be included in Audit Report by general or Special order. For this Corresponding Rules had been made, First in 1988 & then amended in 2003 However Sec 227 has been repelaed by new provision Sec 143 and corresponding provision for making an general or special order like CARO is contained in sec 143(11) which is not till date excercised by CG. Hence CARO 2003 is not applicable for F.Y .2014-15 and onwards untill CG excercise power confered under Sec 143(11)

neha pritmani (ca) (182 Points)
Replied 03 September 2014

but as per the amendment notification issued by the icai caro 2003 is made relevant for nov 14 exams.

CA Saroj Kumar (Keen to learn something new every moments) (2588 Points)
Replied 04 September 2014

I think old caro shall be applicable for Nov 2014 bcs i was looking up Study material there is no such information regarding applicability of new Company act however we must read new company act and give answers as per both provisions as a comprative manner..