Whether Auditor has any reporting obligations in his audit report (CARO)(sec.301 register and sec.297 ) for the loans taken from directors in a private company. pls suggest in this regard of loans taken from directors: thanks in advance to all the members here.
1 Replies
CA. Akhil Maangal
(Head - Finance & Accouunts)
(131 Points)
Replied 26 November 2011
If CARO is applicable to the Concerned Private Limited Company, then Auditor has to report under clause (iii) and If the other Party is a PUBLIC Company, then Section 297 is not attracted and also Section 295 is not attracted to a Private Limited Company.
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