CARO
This query is : Resolved
27 May 2009
Can any one please explain me what is CARO? Why there is something called CARO and what are its uses?
27 May 2009
the Central Government has issued, in consultation with ICAI, a new order u/s.227(4A) called the Companies (Auditor’s Report) Order, 2003. This can be called ‘CARO-2003’ which has come into force from 1st July 2003. There are 33 items in CARO on which the auditor has to make specific comments.
CARO now provides that this reporting requirement about internal audit system will apply to any of the following companies :
(i) Listed company
(ii) Any other company with paid up capital and reserves exceeding Rs.50 lacs as at the commencement of the financial year, or
(iii) Any company have outstanding loan exceeding 25 lacs from bank and financial institution.
(iv)Any company having an average turnover exceeding Rs.5 crores for a period of 3 consecutive financial years immediately preceding the relevant financial year
CARO now provides that this reporting requirement about internal audit system will apply to any of the following companies :
(i) Listed company
(ii) Any other company with paid up capital and reserves exceeding Rs.50 lacs as at the commencement of the financial year, or
(iii) Any company have outstanding loan exceeding 25 lacs from bank and financial institution.
(iv)Any company having an average turnover exceeding Rs.5 crores for a period of 3 consecutive financial years immediately preceding the relevant financial year
28 May 2009
Just go through the content of CARO.
In simple words it is more comprehensive checklist for the audit of a company covering all the aspects.
Regards
In simple words it is more comprehensive checklist for the audit of a company covering all the aspects.
Regards
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