CARO Clause xvi

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38 Points Joined November 2009

As per clause xvi of CARO auditor has to report on use of Term Loan. Whether OD limit would be included within the meaning of term loan

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On 09 January 2010 at 17:42 Report
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Learner
4016 Points Joined December 2009

Dear Jain,

OD cannot be included in Term Loan

Term Loan means a Fixed Amount/Loan which is borrowed for a fixed period/term..

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On 09 January 2010 at 18:54
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Finalist
35929 Points Joined September 2009

OD cannot be included in Term Loan

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On 10 January 2010 at 14:30
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Chief Accountant
2828 Points Joined December 2007

We have to only report use of Term Loan & not the Over Draft.

"Over Draft" is just a arrengement for short period with the bank & is dfferent form "Term Loan". Term Loan is mostly for a longer period & for a specific purpose.

Thanks

 

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On 11 January 2010 at 01:08


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