Hello all
assessee(unlisted public company) has forgot to comply with CARO 2020 for FY 2020-21. also in AOC 04, CS has chosen "no" option under "applicability of CARO" clause.
do we need to file revised AOC 04? is there any late fees or penalty regarding this?
please give the appropriate solution.
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Forget to file CARO in public company
Replies (4)
Quick Summary
Hey, I think you can only do the revision in Form MGT-7 and MGT-7A...
You cannot revise AOC-4/AOC-4 (CFS) but it can only be deactivated/cancelled by the respective ROC on an application by the Company and fresh filling of such form is then allowed by the registrar.
You cannot revise AOC-4/AOC-4 (CFS) but it can only be deactivated/cancelled by the respective ROC on an application by the Company and fresh filling of such form is then allowed by the registrar.
Okay.. thank you
There is a time limit I suppose.
CARO omitted from the audit report:
• CARO 2020 applies to an unlisted public company (unless exempt). If the auditor omitted the CARO report for FY 2020-21, the audit report is deficient.
• Remedy: the auditor can issue the CARO report now as an addendum. Revising the filed financial statements themselves needs NCLT approval under Sec 131, so take advice on how the ROC will treat a re-filing.
• The NFRA or ICAI may take action against the auditor for non-compliance (ICAI disciplinary).
• Penalty: Sec 147 (auditor's contravention), Sec 450 (general penalty).
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