Professional Guide to CARO 2020

Book Details

Detailed Contents

Item

1 Introduction to CARO – 2020	1.1–1.18
2 Applicability of CARO – 2020	2.1–2.32

CLAUSE BY CLAUSE ANALYIS

3.1 Clause 1 – Reporting on PPE & Intangible Assets	3(i).1–28
3.2 Clause 2 – Reporting on Inventories	3(ii).1–22
3.3 Clause 3 – Reporting on Loans / Advances	3(iii).1–20
3.4 Clause 4 – Reporting on Compliance of Sec.185/ 186	3(iv).
3.5 Clause 5 – Reporting on Public Deposits	3(v).1–34
3.6 Clause 6 – Reporting on Cost Records	3(vi).1–10
3.7 Clause 7 – Reporting on Statutory Dues	3(vii).1–18
3.8 Clause 8 – Reporting Undisclosed Income Offered	3(viii).1–16
3.9 Clause 9 – Reporting Default in Payments	3(ix).1–22
3.10 Clause 10 – Reporting on Monies Raised and its End Use	3(x).1–34
3.11 Clause 11– Reporting on Frauds	3(xi).1–24
3.12 Clause 12 – Reporting on Nidhi Companies	3(xii).1–30
3.13 Clause 13 – Reporting on Related Party Transactions	3(xiii).1–16
3.14 Clause 14 – Reporting on Internal Audit	3(xiv).1–8
3.15 Clause 15– Reporting on Non Cash Transactions	3(xv).1–8
3.16 Clause 16 – Reporting on RBI Registration & NBFC’s	3(xvi).1–12
3.17 Clause 17– Reporting on Cash Losses	3(xvii).1–4
3.18 Clause 18 – Reporting on Resignation of Auditors	3(xviii).1–26
3.19 Clause 19 – Reporting on ability to meet Liabilities	3(xix).1–10
3.20 Clause 20 – Reporting on CSR	3(xx).1–16
3.21 Clause 21– Reporting on CFS	3(xxi).1–4
4 Para 4 of CARO – 2020	4.1–4.12

APPENDIX

Appendix 1 – Comparison between CARO 2016 vs 2020	A.1–A.20
Appendix 2 – Standards On Auditing (SA 240, 250, 315, 550, 570, 610, 700, 701, 705, 706)	SA.1–222
Appendix 3 – ICAI Guidance on Audit Matters Guidance on Reporting under Sec. 143(3) (f) & (h)	GN.1–15
Appendix 4 – Reporting Guidance under ICAI GN	R.1-R.30

About the Author

CA G. Sekar

G. Sekar is a Chartered Accountant in practice for the last 35 years.
Founder and Faculty of Direct Taxation in Shree Guru Kripa's Institute of Management, an Institution providing education for all
levels and all subjects of the Chartered Accountancy Courses and has trained many finance professionals.
Member Central Council of ICAI 2013-16, 2016-19 & 2019-22.
Chairman Direct Taxes Committee of ICAI - 2014.
Chairman Auditing And Assurance Standards Board of ICAI 2019 & 2020.
Great Motivator for Chartered Accountants in Practice and in Employment, and CA Students, through his effective and convincing communication style.
1. Commerce Graduate, Gold Medalist & Rank Holder from Madurai Kamaraj University.
2. Member of Expert Study Group Committee, CBDT, New Delhi, to study the Direct Tax Code Bill in 2006.
3. Recipient of Special Award from the Income Tax Department in 2011, during their 150 years of Income Tax in India Celebrations, for his contribution
and service to the Income Tax Department.
4. Speaker on Budget, Direct and Indirect Taxation in Doordarshan & other Television Channels & Print Media Programmes.
5. Board Member, Airports Authority of India (2019-22).
6. Member of Consultative Advisory Group (CAG) of IFAC-2017-19, International Accounting Education Standards Board (IAESB). It is worthy to note
that he is the First Indian to be part of the CAG.
7. Faculty Member of The Institute of Chartered Accountants of India and its Branches, and other Professional and Management Institutions,
for CA Intermediate/IPCC and CA Final Level, for the subjects Income Tax, Service Tax, VAT, Direct Tax Law, etc.
8. Author of Professional Books for Finance and Legal Professionals, Corporate Taxpayers, Banks, Officials of Income Tax Department, etc.
(a) Handbook on Direct Taxes (Recommended for IRS Trainees at NADT)
(b) Professional Manual on Accounting Standards
(c) Practical Guide on TDS and TCS (Approved Book for ITOs)
(d) Professional Guide to Tax Audit
(e) Personal Income Tax A Simplified Approach
(f) Professional Guide to CARO 2016
(g) A Professional Guide to Income Computation & Disclosure Standards (ICDS)
(h) Handbook for The Insolvency and Bankruptcy Code, 2016
(i) Author of Special Series GST Books for Professionals GST Manual, GST Self Learning, GST Ready Reckoner
(j) Company Law Ready Reckoner
(k) Practitioner's Manual on Direct Taxes Vivad Se Vishwas Act, 2020
(l) Professional's Handbook on Faceless Assessment
9. Author of Books for CA Students Authored about 27 Books covering the entire curriculum of CA Course. Shree Guru Kripa's Institute of Management
is the First and Only Educational Institution in India to accomplish this feat