Comprehensive Guide on CARO 2020
by Santosh Maller, Gautam V. Shah, Hemal D. Shah, Milan Mody, Yogesh Amal, Zubin F. BillimoriaBook Currently Unavailable
This book is no longer available and has been discontinued
Browse Other BooksComprehensive Guide to CARO 2020 provides specific guidance & practical tips to help the auditors navigate through the complex areas of reporting. It also provides clause-by-clause analysis of CARO 2020 requirements in an easy-to-understand language.
This book will be helpful for auditors & preparers of financial statements.
The Present Publication is the Latest Edition, authored by Gautam V. Shah, Hemal D. Shah, Milan Mody, Yogesh Amal, Santosh Maller, guided by Zubin Billimoria. The highlights of this book are as follows:
- [Analyse & Improve the Understanding of New Reporting Guidelines] under CARO
- [Practical Challenges in Compliance] To highlight the challenges which are anticipated while complying with the new norms
- [Commentary on Reporting Issues & Practices | Guidance Note by ICAI] along with views and perspectives to supplement broad guidance covered by the Guidance Note issued by the ICAI in June 2020
- [Illustrative & Indicative Draft of the Clauses] to be reported
- To assist the management and preparers of financial statements in providing and compiling data on a timely basis
- [Specific Guidance] for practitioners:
- [Audit Procedures] to be followed
- [Key Risks] which need to be addressed and vigilance that needs to be adopted
- [Key Checkpoints] for the auditors
- [Documentation] including management representation letter
The detailed contents of this book are as follows:
- Introduction & General Audit Approach
- Property Plant Equipment & Intangible Assets
- Inventories and other Current Assets
- Investments, Loans, Advances & Guarantees
- Deposits, Loans and Borrowings
- Capital Raising
- Statutory Dues
- Fraud Reporting
- Cost Audit & Internal Audit
- Nidhi Companies and NBFCs (including CICs)
- Related Party Transactions and Non-Cash Transactions with Directors
- Reporting on Financial Position
- Resignation of Statutory Auditors
- Corporate Social Responsibility (CSR)
- Consolidated Financial Statements (CFS)
About the Author
Santosh Maller, Gautam V. Shah, Hemal D. Shah, Milan Mody, Yogesh Amal, Zubin F. Billimoria
Santosh Maller-Santosh is a Chartered Accountant (merit rank holder in CA final and intermediate exams) with 20 years of experience in audit, assurance and financial reporting. He has extensive experience in dealing with complex technical Ind AS, IFRS and US GAAP accounting and auditing issues across various large clients that his firm has served, including in sectors such as pharmaceuticals, manufacturing, telecommunications, real estate and infrastructure and financial services.He is a special invitee on the ICAIs Accounting Standards Board; technical resource on the ICAIs Research Committee & Expert Advisory Committee, and part of the Accounting and Auditing Committee of the Bombay Chartered Accountants Society (BCAS). He has contributed to several Guidance Notes, EACs and other pronouncements of the ICAI and BCAS publications and authored several professional books on accounting and auditing. He has been a speaker at various forums in India and overseas.
The Chamber of Tax Consultants-The Chamber of Tax Consultants (The Chamber) was established in 1926 and is one of the oldest voluntary non-profit professional organisations. It is the voice of more than 4,000 professionals on a pan-India basis. Its members comprise Advocates, Chartered Accountants, Company Secretaries, Cost Accountants, Corporates, Tax Consultants and Students.The Chamber, despite its vintage, is a young, dynamic organisation having a glorious past and an undisputedly ambitious future. The Chamber is a well-respected institution with high integrity, independence and professional tradition.The Chamber acts as a powerhouse of knowledge in fiscal law, always proactive in contributing to the development of law and profession through research and analysis, dissemination of knowledge and proactive interaction with policymakers. The Chamber also provides professionals with several networking opportunities through interactive meetings and seminars.Professional luminaries like Late Shri B. C. Joshi, Late Shri V. H. Patil, Dr Y. P. Trivedi, Shri S. E. Dastur, Late Shri D. M. Harish, Late Shri Narayan Varma, Dr K. Shivaram, Shri S. N. Inamdar, have been The Chamber's Presidents.For The Chamber, education is the supreme power, and the spread of education is its motto.The Chamber strives to be pre-eminent in upholding a tradition of excellence in service and principled conduct with social responsibility among professionals. The various initiatives of The Chamber are listed below: Knowledge sharing initiatives The Chamber's Journals and CTC Newsletter International Tax Journal Representation before Regulatory Authorities and Public Interest Litigations The Chamber's Library and Website Initiative for Student Members
Gautam V. Shah-Gautam V. Shah is a member of the Institute of Chartered Accountants of India (ICAI) since 2004. He also holds IFRS Certification, Valuation and DISA degrees from ICAI.He has been nominated as a Special Invitee to the Auditing and Assurance Standard Board (AASB) of ICAI for F.Y. 2021-22. He is also a member of the Ind AS committee of WIRC and Vice-President of the KDO CA Association. He is actively engaged with various knowledge sharing activities of ASB and AASB of ICAI.He specializes in statutory audit & IFRS related assignments, due diligence, inspection and investigations of large listed companies, banks and other financial services entities. He is a regular speaker on Bank Audit, IFRS and SA at WIRC and Study Circle(s).
Hemal D. Shah-Hemal is a Chartered Accountant with 20 years of experience in Assurance. He has handled various types of audits covering varied industries like Manufacturing & Service, Pharmaceutical, Chemical, Retail, etc. He has extensive knowledge and experience in Indian as well as International GAAPs & Indian Corporate Laws.He is the Vice President of the Accounting and Auditing Committee of The Chambers of Tax Consultants. He has also been a speaker at various technical seminars organised by WIRC, CPE Study Circles, CTC etc. He has contributed to various articles in the professional journals of CTC.
Milan Mody-Milan Mody is a Chartered Accountant with all India rank (AIR) in inter and final CA exams. He has 24 years of broad-based experience in the field of Audit & Assurance. He is a Partner Audit & Assurance at N A Shah Associates LLP.Having handled all types of audits covering varied industries like Manufacturing & Service, Pharmaceutical, Retail, Education, Capital Goods & Engineering, Real Estate, Logistics, etc., he has extensive knowledge and experience in Indian as well as International GAAPs & Indian Corporate Laws.He has contributed to various articles in newspaper and professional journals published by ICAI, BCAS and CTC. He has held committee positions at WIRC, BCAS and CTC. He has also been a speaker at various technical seminars organised by WIRC, CPE Study Circles, etc. He has been Technical Reviewer of Annual Reports for ICAI Awards for Excellence in Financial Reporting for four consecutive years, starting from financial years 16-17 up to 19-20.
Yogesh Amal-CA. Yogesh Amal is a Commerce Graduate from Mumbai University and a Fellow Member of the Institute of Chartered Accountants of India. He qualified in the year 2001 and is in practice since then. Presently CA Yogesh Amal is a partner at GBCA & Associates LLP, Chartered Accountants, Mumbai.CA Yogesh has been instrumental in GBCAs foray into Business Support Service and Outsourced CFO Practice and is experienced in managing audits of large corporates, including listed companies, multinational companies and PSUs under various ERP environments. His area of expertise expands to providing accounting advisory services and is experienced in Indian GAAP, Ind AS and IFRS. He has delivered talks at various seminars for professionals.Currently, he is a member of the Accounting & Auditing Committee at the Chamber of Tax Consultants.In addition to contributions in various journals, he has also co-authored for following publications: BCAS publication Reporting under the New Formation Form 3CD - A Specimen WIRC publication Anthology on IND AS Notes and Disclosures
Zubin F. Billimoria-Mr. Billimoria did his graduation in commerce from Mumbai University in 1985. He is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) (Qualified in 1989). He is also an Associate Member of the Institute of Company Secretaries of India (Qualified in 1992)He has 30 years of working experience with Deloitte Haskins & Sells, Chartered Accountants and its associate firm S.B. Billimoria & Co. in the Audit and Assurance Function, including seven years as a partner till 31st March 2015. Currently, he is a proprietor of ZFB & Associates, Chartered Accountants.He catered to a broad spectrum of clients in different industries and sectors, including in all spheres of the financial services sector covering Banks, Financial Institutions, Broking Companies, Insurance Companies, Insurance Broking Companies and Mutual funds as well as other industries like mining, real estate, shipping, hotels, automobile components, amongst others.
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