Whether CARO is applicable on project running by aid from Up and state Government.
Also want yo know what are the regulatory requirements need to be checked for their audit.
1 Replies
payal gupta
(ca final student)
(482 Points)
Replied 01 September 2013
CARO 2003 shall apply to every company including a foreign company as defined in Sec 591 of the Act, except the following :-
1) Banking Company.
2) Insurance Company
3) Section 25 Companies.
4) Private limited company whose
b) Outstanding loan from Banks or Financial Institutions is 25 lacs or less
c) Paid up capital & reserves is 50 lacs or less
d) Turnover is 5 crores or less.
IF at any time durind the year any of the above limits exceeds then caro will be applicable to it
hence caro will be applicable to all other companies except as specified above and the regulatory requiremnts are same as specified in caro 2003
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