CARO

IPCC 1069 views 6 replies

haritha priya

accountant

62 Points Joined May 2009

hi i'm puttin down some info which might help students to remember all the 21 propriety aspects in CARO.

read this.

Father I Love Christy Dany's Daughter After Completing Studies.No Foreign Dreams.Christy I Go After.Fresh After Degree My Future.

1) FATHER - FIXED ASSETS

2) I - INVENTORIES

3) LOVE - LOANS

4) CHRISTY - CONTROL(INTERNAL CONTROL SYSTEM)

5) DANIY'S - DIRECTORS INTERESTED

6) DAUGHTER - DEPOSITS

7) AFTER - AUDIT(INTERNAL)

8) COMPLETING - COST RECORDS

9) STUDIES - STATUTORY DUES

10) NO - NOT LESS THAN 5 YRS COMPANY

11) FORIEGN - FINANCIAL INSTITUTION

12) DREAMS - DOCUMENTS

13) CHRISTY - CHIT FUNDS

14) I - INVESTMENTS

15) GO - GUARANTEE

16) AFTER - APPLIED

17) FRESH - FUNDS

18) AFTER - ALLOTMENT

19) DEGREE - DEBENTURE

20) MY - MONEY

21) FUTURE - FRAUD

Replies (6)

Guest

thanks reallly good style for learning...

santhosh

Student

1174 Points Joined July 2008

Very nice.....It's Really good.....

This is really good. So interesting. But can you please tell me what is this 'Money, Applied, Director's interested, Not less than 5 yrs, and Fraud ?' with relating to CARO . Can you please give me explanatory points to it?

haritha priya

accountant

62 Points Joined May 2009

The auditor has to enquire into these matters:

MONEY- If any money has been raised through public issues,whether the end use of that money has been disclosed.

APPLIED- Whether term loans have been applied for the purposes for which they were obtained.

DIRECTORS INTERESTED- If there are any contracts with parties related to directors which are covered by the register u/s 301,whether there are any transactions exceeding rs.5 lakhs per party in any financial year,and whether the prices paid or received is reasonable when compared to the prevailing market prices.

NOT LESS THAN 5 YEARS COMPANY- Whether the company has accumulated losses which is not less than 50% of the net worth,and whether the company has suffered cash losses during the year.

FRAUD- If there has been any fraud during the year,what is its nature and amount.