Taxmanns CARO with Corporate Practices Parawise commentary for auditors on CARO applicability & CARO reporting requirements

This book provides a parawise commentary on the Companies (Auditors Report) Order (CARO). It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO. This book will be helpful for Auditors.The Present Publication is the 10th Edition and has been amended up to August 2023. This book is authored by CA Srinivasan Anand G and divided into three divisions: [Division One] Features of CARO 2020 & its Applicability [Division Two] CARO Reporting as Applicable to Standalone Financial Statements [Division Three] CARO Reporting as Applicable to Consolidated Financial StatementsThe noteworthy features of this book are as follows: [Corporate Practices] from published annual reports of FYs 202122 & 202223 are included in the book [Allabout CARO 2020] which includes the following topics:o Features of CARO 2020o Audit Requirements (Other Audits vs Reporting Requirements u/s 143 of the Companies Act 2013)o Clausewise Analysis & Commentary on Clauses (i) to (xx) of Para 3 & 4 along with Clause (xxi) of Para 3 of CARO 2020 [Parawise Commentary] dealing with clauses (i) to (xx)o Interpretation Requirements of the Clause in light of the following: Applicable Legal Provisions Relevant Standards on Auditing Revised 2022 Guidance Note of ICAI on CARO 2020o Applicable Requirements of Schedule III of the Companies Act 2013o Requirements of Section 143(1) to (3) applicable to the Clauseo NFRAs Interpretation of the Reporting Requirements of the Clauses and lapses on the part of auditors pointed out by NFRA in Audit Quality Review Reports (AQRR)o Forward Linkages to the following: Tax Audit Report in Form No. 3CD Requirements under Section 143(1)/143(3) of the Incometax Acto Audit Checklists covering the following Checklist in respect of each CARO Clause DPT 3 Return Certification Nidhi Rules Compliances SA 570 (Revised)o Audit Documentationo Sample Auditors Remarks under the relevant Clauseo Corporate Practices (extracts from the annual reports) [FAQs & Case Studies] on CARO 2020 [Clausewise Ready Reckoner] on CARO 2020The detailed contents of this book are as follows: Applicability of Requirements of CARO 2020o Introductiono Applicability of CARO 2020 Reporting under CARO 2020 (As Applicable to Audit of Standalone Financial Statements) [Clauses 3(i) to 3(xx) of CARO 2020]o Property, Plant and Equipmento Intangible Assetso Title Deeds of all Immovable Properties Disclosed in Accountso Proceedings Pending against the Company for Holding Benami Propertyo Inventoryo Quarterly Statements Submitted to Banks/FIs by Companies Enjoying Sanctioned Working Capital Limitso Loans or Advances in the Nature of Loans or Guarantees or Security Provided to, or Investments made in Other Entitieso Reporting on Compliance with Sections 185 and 186 as Regards Loans, Investments, Guarantees and Securitieso Acceptance of Public Deposits and Deemed Depositso Maintenance of Cost Recordso Payment/NonPayment of Statutory Dueso Transactions not Recorded in the Books and Surrendered or Disclosed as Income in Tax Assessmento Company Defaults in Repayment of Loans/Other Borrowings/in Payment of Interest to any Lendero End Use of Term Loanso AssetLiability Maturity Mismatch Use of ShortTerm Funds for LongTerm Purposeso Funds Taken from Other Entities by Company to Meet Obligations of Subsidiaries, Associates or JVso Whether Company has Raised a Loan on Pledge of Securities in Subsidiaries, Associates or JVso End Use of Money Raised by Way of IPO/FPOo Private Placement/Preferential Allotment of Shares/FCDs/PCDs/OCDso Frauds Noticed/Reportedo Reporting of Compliances by Nidhi Companieso Related Party Transactionso Internal Audito NonCash Transactions Involving Directors or Connected Personso Registration of NBFCs, HFCs and CICso Whether Company has Incurred Cash Losso Resignation of Statutory Auditorso Material Going Concern Uncertaintyo Transfer of Unspent CSR Fundso Reasons to be Stated by Auditor for Qualified or Adverse Remarks in CARO Report CARO Report on Consolidated Financial Statements under CARO, 2020o Qualified/Adverse Remarks in CARO Reports of Companies Included in Consolidated Financial Statements