GUIDANCE NOTE ON CARO 2003 ISSUED BY ICAI PDF

The Ministry of Corporate Affairs has issued the Companies (Auditor’s necessitated the revision of the Statement on CARO earlier issued by ICAI. Statement on CARO for audit of financial statements for the confident that this Guidance Note on CARO would be found useful and well. There is no guidance note on CARO as such. There is a Statement on The Companies (Auditor’s Report) Order, issued by the Institue. 2. GUIDANCE NOTES 1. (CARO. keeping in view the circumstances of the case. To take care of these amendments the statement is revised by ICAI. the.

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The Statement also contains detailed clause-by-clause guidance on all the reporting requirements under the Companies Auditor’s Report Order Know the CPE Hours credit status.

Frauds notices or reported. The Statements 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, financial institutions, turnover, date of determination of limits in respect of all these aspects, period of compliance, general approach to the Order.

Members are advised to keep a watch on the MCA site www.

ICAI – The Institute of Chartered Accountants of India

In addition, the Statement, at appropriate places also contains illustrative wordings of the report under a particular clause of the Order. CARO, supercedes the earlier Order issued inviz. Look up CPE Events in my location. Free Download – Publications. Until buidance aforesaid Order is issued, no additional reporting isshed section 11 of the Companies Act, is required by the Auditors for the financial year 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.

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CARO Guidance Note

The Order contains certain matters on which the auditors of companies have to make a statement in their audit report. The Companies Act, has ceased to have effect from 01st April, No part of the contents available in any ICAI isssued may be reproduced, stored in a oj system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.

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 icsi 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 reports.

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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 or reported during the year under audit, the application of funds raised on short-term basis for long-term purposes, etc.

The purpose of the Statement is to enable the members of the Institute to comply with the requirements of the Companies Auditor’s Report Order, Report on an Event. Know the CPE Hours credit status.

We are given vy 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, Report on an Event. Free Download – Publications. However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry.

ICAI is also a member of the said committee.