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CARO 2016

Hiten (CA) (275 Points)

18 March 2017

whether their is any reporting responsibility of auditors under caro 16 for company's failure to repay public deposit?

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Jatin Bajaj (CS) (2930 Points)
Replied 20 March 2017

YES AS PER CARO AUDIT REPORT 2016 , THE AUDITOR HAS TO STATE IN ITS AUDIT REPORT THAT WEATHER THE COMPANY WHICH HAS ACCEPTED THE DEPOSITS HAVE COMPLIED WITH THE GUIDLINESS AS STATED IN SECTION 73 TO 76 AND IF NOT THEN OF CONTRAVENTION TO BE STATED AND WEATHER THE ORDER OF NCLT HAS BEEN COMPLED OR NOT . IF THE PRINCIPAL AMOUNT OR INTREST IS OVERDUE FOR MORE THAN 90 DAYS , THEN THE REASONS FOR SUCH OVERDUE SHALL BE STATED IN THE CARO Report. ALL THE DETAILS RELATING TO ACCEPTANCE AND PAYMENT OF DEPOSITS SHALL BE INCLUDED IN THE AUDIT REPORT.