GUIDANCE NOTE ON CARO 2003 ISSUED BY ICAI PDF

The Ministry of Corporate Affairs has issued the Companies (Auditor’s necessitated the revision of the Statement on CARO earlier issued by ICAI. Statement on CARO for audit of financial statements for the confident that this Guidance Note on CARO would be found useful and well. There is no guidance note on CARO as such. There is a Statement on The Companies (Auditor’s Report) Order, issued by the Institue. 2. GUIDANCE NOTES 1. (CARO. keeping in view the circumstances of the case. To take care of these amendments the statement is revised by ICAI. the.

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CARO Guidance Note

The purpose of the Statement is to enable the members of the Institute to comply with the requirements of the Companies Auditor’s Report Order, The Statements also deals extensively with other significant aspects of the Order, for example, applicability to a private company, issues to consider in guidabce of paid up capital and reserves, outstanding loans, public deposits, financial institutions, turnover, date guudance determination of limits in respect of all these aspects, period of compliance, general approach to the Order.

The Ministry of Corporate Affairs MCA is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 11 of the Companies Act, lcai the Financial Year CARO, supercedes the earlier Order issued inviz.

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Free Download – Publications. We are given to understand by MCA that an Order being a smaller version of CAROapplicable for the financial yearmay be notified soon under section 11 of the Companies Bote, Frauds notices or reported.

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No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.

It may be worthwhile to note that CARO, apart from requiring the auditors to report on matters which were included in MAOCARO, included certain new clauses on which the auditors are now required to make a statement in their audit reports.

ICAI – The Institute of Chartered Accountants of India

Report on an Event. Free Download – Publications. Some of the guirance clauses added, inter alia, by CARO, are requiring the auditor to report on maintenance of proper inventory records, disposal of significant part of fixed assets of the company affecting the going concern, the use of funds raised by companies through public issues, requiring the auditor to report whether any fraud on or by the company has been noticed or reported during the year under audit, the application of funds raised on short-term basis for long-term purposes, etc.

ICAI is also a member of the said committee.

However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry. Sign up for an Event.

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Know the CPE Hours credit status.

Look up CPE Events in my location. The Statement also contains detailed clause-by-clause guidance on all the reporting requirements under the Companies Auditor’s Report Order In addition, the Statement, at appropriate places also contains illustrative wordings of the report under a particular clause of the Order.

CARO Guidance Note

The Companies Act, has ceased to have effect from 01st April, Until the aforesaid Order is issued, no additional reporting under section 11 of the Guodance Act, is required by the Auditors for the financial year Look up CPE Events in my location.

The Order contains certain matters on which the auditors of companies have to make a statement in their audit report.

Know the CPE Hours credit status. No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without isseud permission, in writing, from the Institute. Report on an Event. Members are advised to keep a watch on the MCA site www.

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