Guidance Note on CARO 2016-Communication from AASB of ICAI
Dear Members
As you are aware, the Companies (Auditor’s Report) Order, 2016 (CARO 2016) was notified by the Ministry of Corporate Affairs (MCA) on 30th March 2016. The Order is applicable for the audits of financial statements for the financial year beginning on or after 1st April, 2015.
As compared to the Companies (Auditor’s Report) Order, 2015, the CARO 2016 has introduced a number of new or modified reporting requirements for the auditors. These cover important aspects including:
These would have wide implications for all audits wherever these reporting requirements apply.
For the benefit of the members, the Auditing and Assurance Standards Board has brought out the Guidance Note on the Companies (Auditor’s Report) Order, 2016. The Guidance Note contains comprehensive guidance on all the reporting requirements of CARO 2016. It also contains checklist as well as text of relevant sections/ Rules for ready reference of the members. The text of the Guidance Note is available on ICAI’s website at the URL http://resource.cdn.icai.org/
In addition, the Board is also organizing programmes at various places for the members on reporting under CARO 2016.
Kind regards
(CA SHYAM LAL AGARWAL)
Chairman, Auditing & Assurance Standards Board
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