Detailed Analysis of CARO 2016 by MCA
The Companies Auditor’s Report Order (CARO) is followed with issuance of Draft CARO 2016 by Ministry of Corporate Affairs (MCA) on 9th Feb 2016 inviting comments/ suggestions thereon.
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The MCA has issued the Companies (Auditor’s Report) Order, 2016 (CARO, 2016) which is applicable for audits of financial statements for periods beginning on or after April 1, 2015. The CARO 2016 contains several new / modified reporting requirements vis-a-vis the CARO 2003 / CARO 2015.
Accordingly the ICAI, with a view to provide appropriate guidance to it’s members, has brought out Guidance Note on the Companies (Auditor’s Report) Order, 2016. This Guidance Note has been written in an easy to understand language and contains detailed guidance on various Clauses of CARO 2016 and the various issues and intricacies involved therein, so that the requirements and expectations of the Order can be fulfilled in letter and spirit by the auditors. It’s a comprehensive and self contained reference document for the members.
However, it may be noted that the purpose of this Guidance Note is only to enable the members to comply with the reporting requirements of the Order. The clarifications and explanations contained in this Guidance Note are not intended to be exhaustive and the auditors should exercise their professional judgement and experience on various matters on which they are required to report under the Order.
Also read the below mentioned recommended articles which are related to CARO:
CARO 2016 Applicability As per Draft Companies Auditors Report Order 2016 – Click Here to Read
New Audit Report Format Including Caro 2016 – Click Here to Read
Detailed Analysis of CARO by MCA:
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