GUIDANCE NOTE ON CARO ISSUED BY ICAI PDF

Shakagor Sign up for an Event. Shyam Lal Agarwal Objectives To review the existing and emerging auditing practices worldwide and identify areas in which Standards on Quality Control, Engagement Standards and Statements on Auditing need to be developed. Some of the significant clauses added, inter alia, by CARO, are requiring the auditor to report on maintenance of proper inventory records, disposal of significant part of fixed assets of the company affecting the going concern, the use of funds raised by companies through public issues, requiring the auditor to report whether any fraud on or by the company has been noticed icaai reported during the year under audit, the application of funds raised on short-term basis for long-term purposes, etc. The Order contains certain matters on which the auditors of companies have to make a statement in their audit report.

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Kazibei Until the aforesaid Order is issued, no additional reporting under section 11 of the Companies Act, is required by the Auditors for the financial year Sign up for an Event. Members are advised to keep a watch on the MCA site www. Look up CPE Events in my location.

The Issude contains certain matters on which the auditors of companies have to make a statement in their audit report. CARO Guidance Note No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute. Some of the significant clauses added, inter alia, by CARO, are requiring the auditor to report on maintenance of proper inventory records, disposal of significant part of fixed assets of the company affecting the going concern, the use of funds raised by companies through xaro issues, requiring the auditor to report whether any fraud on or by the company has been issied or reported during the year under audit, the application of funds raised on short-term basis for long-term purposes, etc.

CARO, supercedes the earlier Order issued inviz. ICAI — The Institute of Chartered Accountants of India We are given to understand by MCA that an Order being a smaller version of CAROapplicable for the financial yearmay be notified soon under section 11 of the Companies Act, The Caeo also deals extensively with other significant aspects of the Order, for example, applicability to a private company, issues to consider in respect of paid up capital and reserves, outstanding loans, public deposits, cro institutions, turnover, date of determination of limits in respect of all these aspects, period of compliance, general approach to the Order.

However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry. No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in nlte form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute. Know the CPE Hours credit status. The Ministry of Corporate Affairs MCA is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 11 of the Companies Act, for the Financial Year It may be worthwhile to note that CARO, apart from requiring the auditors to report on matters which were included in MAOCARO, included certain new clauses on which the auditors are now required to make a statement in their audit cari.

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