Applicability of caro

Originally posted by : Kanhaiya
	Radhe Radhe, Please Confirm that CARO Will be applicable: 1. When all the conditions are to be fulfilled OR 2. When any one of the conditions are to be fulfill Conditions: 1. Turnover Exceeds Rs. 5 crore 2. O/S Loans Exceeds Rs. 25 Lacs 3. Paidup Caiptal + Reserves Exceeds Rs. 50 Lacs Please Reply

A private limited company, in order to be exempt from the applicability of the Order, must satisfy all the conditions mentioned above cumulatively. In other words, even if one of the conditions is not satisfied, a private limited company’s auditor has to report on the matters specified in the Order.

- Para 14 of Statement on the Companies (Auditor’s Report) Order, 2003 [2005 Edition]
.
[Note: Statement on CARO, 2003 is applicable on Financial Statements prepared on or before March 31, 2014.]

Mr kishore bhat CARO is not applicable from fy 2014-15.New order by CG will be notified very soon in future

see the fact is caaro is not abolished it's just not applicable for fy 2014-15 and onwards.New caro whenever comes into existence would be similar to existing one.So,icai doesnt want to delete it for one or two attempts.If in exam question is for fy 2014-15,simply mention caro 2003 is not applicable otherwise give answer as per caro 2003

ya , satisfied totally