CARO
This query is : Resolved
27 May 2009
Can any one please explain me what is CARO? Why there is something called CARO and what are its uses?
27 May 2009
the Central Government has issued, in consultation with ICAI, a new order u/s.227(4A) called the Companies (Auditor’s Report) Order, 2003. This can be called ‘CARO-2003’ which has come into force from 1st July 2003. There are 33 items in CARO on which the auditor has to make specific comments.
CARO now provides that this reporting requirement about internal audit system will apply to any of the following companies :
(i) Listed company
(ii) Any other company with paid up capital and reserves exceeding Rs.50 lacs as at the commencement of the financial year, or
(iii) Any company have outstanding loan exceeding 25 lacs from bank and financial institution.
(iv)Any company having an average turnover exceeding Rs.5 crores for a period of 3 consecutive financial years immediately preceding the relevant financial year
CARO now provides that this reporting requirement about internal audit system will apply to any of the following companies :
(i) Listed company
(ii) Any other company with paid up capital and reserves exceeding Rs.50 lacs as at the commencement of the financial year, or
(iii) Any company have outstanding loan exceeding 25 lacs from bank and financial institution.
(iv)Any company having an average turnover exceeding Rs.5 crores for a period of 3 consecutive financial years immediately preceding the relevant financial year
28 May 2009
Just go through the content of CARO.
In simple words it is more comprehensive checklist for the audit of a company covering all the aspects.
Regards
In simple words it is more comprehensive checklist for the audit of a company covering all the aspects.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
Trending Online Classes
CAclubindia
