CARO 2020 Companies for FY 2019-20
CARO 2020 Companies for FY 2019-20: CARO 2020 applicable w.e.f 01.04.2020 In order to bring more transparency & faith in Financials statements of companies, The ministry of corporate affairs introduce the new set of Companies (Auditor’s Report) Order, 2020. In contrast with CARO 2016 , Now the Auditor have to report more disclosures on core aspects of financials statement such as: loan defaults, cash losses, Immovable properties etc. Moreover, the CARO 2020 is applicable for the eligible companies for the financial year commencing on or after the 1 st April 2019. Earlier, there was 16 clauses to which auditor have to report while doing statutory audit of company. Now CARO 2020 notified 21 clauses out of which at least 10 new clauses are there. To Ease compliance under Companies Act 2013, applicability of Companies (Auditor’s Report) Order, 2020 has been deffered to the financial year 2020-2021 instead of from 2019-2020 notified earlie...