Clause by Clause Comparison of Reporting Companies (Auditor’s Report) Order 2020 vis a vis Companies (Auditor’s Report) Order 2016
FYI
CARO 2020 is effective from FY 2019-20 onwards while CARO 2016 is effective from FY 2015-16 onwards.
CARO 2020 is effective from FY 2019-20 onwards while CARO 2016 is effective from FY 2015-16 onwards.
Summary
1. Applicable for FY 19-20, audit. 2. Companies, to enhance their internal controls and quality of financial statements; they need to invest in good accounting staff. 3. Companies with Working capital borrowing above Rs.5cr, auditors to confrim that quarterly returns (stock statements) filed with banks are in agreement with Books of Accounts. Unlisted companies/ private limited companies having such working capital borrowings, should prepare quarterly financial statements and get a limited review done by Auditors, so that Auditors can comment. 4. Fund Flow Statement becomes important: a) monitoring end use of funds; b) short term to long term. 5. Internal Audit gains more focus; extent of work of internal audits likely to increase. Companies need to invest more in internal audit and have a response mechanism to implement internal audit suggestions. 6. Auditors to opine on entity ability to pay debts within next 12 months. 7. To report on cash losses and quantum.
Clause by Clause changes
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