CA, CS & DISA VIVEK KHANDELWAL
Quick Summary
Companies Auditor Report Order (CARO) Rules, 2020 -Release Date 25th Feb 2020 The Ministry of Corporate affairs released the Companies (Auditors Report) Order, 2020 on 25th February 2020. This order has been issued in supersession of the Companies (Auditors Report) Order, 2016, released on 29th M
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FAQ :
CARO 2020 was released on 25th February 2020 and applies to financial statements of companies whose financial year commences on or after 1st April 2019.
CARO 2020 aims to increase transparency into the operations of organisations by introducing new reporting requirements for auditors on company accounts.
Yes, CARO 2020 mandates reporting on intangible assets, which was not a requirement in the previous order.
CARO 2020 does not apply to banking companies, insurance companies, Section 8 companies, One Person Companies, small companies, and certain private limited companies meeting specific financial criteria.
Yes, Goods and Services Tax (GST) has been added to the list of statutory dues that auditors must report on for timely deposit.
A new clause requires auditors to report on any transactions not recorded in the books of account that have been surrendered or disclosed as income during tax assessments, and whether these have been properly recorded in the company's books.
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