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
In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the Financial Statements at the end each Financial Year.
Few days ago some of you may have heard news saying that RBI has imposed restrictions of withdrawal on PMC bank holders. The RBI restricted to withdraw only Rs. 1,000 for whole 6 months. All the monies of account holders is at stake.
We are almost at the end of statutory audit season and many of us will be working in internal audits from now. Statutory compliance will be the compulsory component in the scope. We will be covering basic reconciliations as a part of GST testing.
After the extension of the due date to file the Income Tax Return, the Chartered Accountants are now requesting the Income Tax Department to extend the due date to submit the Tax Audit Report as soon as possible to reduce their workload.
Lot of investment decisions in the present-day world are based on the reports generated by financial analysists. One of the trusted and important sources of financial information comes from audited published financials.
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