caro

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2010 In case caro reporting had been done in previous years, although no condition was satisfied, then whether it wil remain applicable for subsequent years also and All three conditions are to be fulfilled simultaneously for its applicability????

Is it necessary to check limits every year or once applied it wil be applicable??????

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 May 2010 It is necessary to check limits every year. Every year the limits needs to be seen. If report not applicable then note should be given in the audit report

ca dipti sharma

ca dipti sharma (Expert)
Follow

04 May 2010 Yes you need to check limit every year. Secondly All the conditions are to be fulfilled simultaneously for its applicability.

Upgrade to CAclubindia Pro. Subscribe Now!

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

05 May 2010 A private limited company, in order to be exempt from the applicability of the Order, must satisfy all the conditions cumulatively. In other words, even if one of the conditions is not satisfied, a private limited company’s auditor has to report on the matters specified in the Order.