Prateek Mankad
Quick Summary
In thelast article, we dealt with the applicability of CARO 2020 and covered the practical aspects to be kept in mind by companies and their auditors as they go about finalizing their audit opinion on the consolidated financial statements for the year ending 31 March 2021. In this article, we deal w
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FAQ :
CARO 2020 introduces a new requirement for auditors to report on whether full particulars of intangible assets are maintained, which was not covered under CARO 2016.
The requirement to comment on the physical verification of PPE at reasonable intervals remains largely unchanged in CARO 2020.
According to the ICAI Guidance Note, auditors must also consider investment property, non-current assets held for sale, and right-of-use assets during their reporting.
Yes, CARO 2020 introduces two new clauses: one for companies using the revaluation model for PPE or intangible assets, and another concerning disclosures for any proceedings related to Benami property.
Companies are advised to carefully consider both the CARO 2020 order and the detailed ICAI Guidance Note, and to start their work on compliance well in advance.
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