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Caro

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(Querist)
09 August 2013 Please give me a brief explanation about CARO.
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Ganeshbabu K

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Ganeshbabu K (Expert)
26 August 2013 1)This order may be called the Companies (Auditor’s Report) Order, 2003.

2)It shall apply to every company including a foreign company as defined in section 591 of the Act, except the following :—

(i)a Banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

(ii)an insurance company as defined in clause (21) of section 2 of the Act;

(iii)a company licensed to operate under section 25 of the Act; and

(iv) a private limited company with a paid-up capital and reserves not more than fifty lakh rupees and does not have loan outstanding exceeding Rupees Twenty Five lakhs from any bank or financial institution and does not have a turnover exceeding five crores rupees at any point of time during the financial year

3)It shall come into force on the 1st day of July, 2003.
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