Caro 2003

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RAJAT OJHA (Querist)
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26 October 2013 When we already have an audit report than why we require the CARO. What is the essence of CARO. What was the point where audit report was not sufficient for companies and CARO was required?

CA Suresh kumar panda

CA Suresh kumar panda (Expert)
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29 October 2013 Auditor gives an opinion on financial records but CARO requires a further more details. Where an auditor is bound to provide details if the record contradicts CARO or satisfies a condition. There are many clauses which an auditor is not required to provide in report in the absence of CARO.

RAJAT OJHA

RAJAT OJHA (Querist)
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31 October 2013 Sir,
has the government prescribed a set format for CARO as we have for E 3CDS and ITRs.

CA Vijeta Verma

CA Vijeta Verma (Expert)
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01 November 2013 Rajat ,there are approx 22 matters in CARO,which the auditor has to consider in his report.Ex-records & treatment of fixed assets,inventories,information on loan taken or given to parties covered under section 301 of companies act ,1956, internal controls ,cost record(if required),report on statutory dues,treatment of term loan & so on

RAJAT OJHA

RAJAT OJHA (Querist)
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20 November 2013 THIS MEANS THAT CARO HAS A MUCH WIDER COVER AS COMPARED TO AUDIT REPORT. ALL THE ASPECTS OF A COMPANY, WHETHER IT BE FINANCIAL, COSTING, INTERNAL CONTROL OR RELATED TO FIXED ASSETS, ALL THINGS WILL BE COVERED.
IF THIS IS TRUE THEN WHY AUDIT REPORT IS REQUIRED. THE SCOPE OF CARO WILL MAKE THE AUDIT REPORT IRRELEVENT.

CA Suresh kumar panda

CA Suresh kumar panda (Expert)
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19 December 2013 CARO is an additional report, it cannot be replaced by normal audit report. Normal audit report is a conscise. for which additional information is mandated by govt.

RAJAT OJHA

RAJAT OJHA (Querist)
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23 December 2013 THANKS YOU SIR.

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