Quick Summary
The Central Government, in exercise of the powers conferred, under sub-section (11) of section 143 of the Companies Act, 2013 (hereinafter referred to as the Act), issued the Companies (Auditors Report) Order, 2020, (CARO 2020/ the Order) vide Order number S.O. 849(E) dated 25th February 2020. CARO
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FAQ :
CARO 2020, the Companies (Auditor's Report) Order, 2020, is an order issued by the Central Government that requires auditors of most companies to include specific statements in their audit reports.
CARO 2020 is applicable for audits of the financial year 2021-22 and onwards, following deferrals from its initial intended application for FY 2019-20.
The Guidance Note is designed to help auditors comply with the reporting requirements specified in CARO 2020.
No, the guidance is not exhaustive, and auditors are expected to use their professional judgement and experience when reporting under CARO 2020.
The Guidance Note includes a clause-by-clause comparison of the reporting requirements between CARO 2020 and the superseded CARO 2016.
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