Companies (Auditor’s Report) Order, 2016 (CARO 2016) issued by the Ministry of Corporate Affairs (MCA) is applicable for audits of financial statements for periods beginning on or after 1st April 2015 (FY 2015-16) The new reporting requirements of CARO 2016 are distinguished and from earlier CARO Orders.
ICAI has come up with its latest guidance on CARO 2016 for the benefits of its chartered accountants members to help them discharge their duties as auditors in accordance with the spirit of the CARO 2016.
The guidance note give clause by clause relevant provisions of CARO 2016 along with the essential Audit Procedures and Reporting. It also contains a clause-by-clause comparison of the reporting requirements of the 2016 Order in comparison to CARO 2015.
.
Addition on the basis of third party information in form of unsigned excel sheet can not be sustained - ITAT…
Shagun money received on marriage of individual cannot be considered as income in the year of its receipt - ITAT…
ITAT deleted addition towards cash deposited in bank account observing that there is no statutory requirement to maintain cash book…
RBI has notified the Foreign Exchange Management (Authorised Persons) Regulations, 2026. The Regulation becomes effective from 06.05.2026 A person seeking…
ITAT allows benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment u/s 10(10AA)(ii) In a recent judgment,…
Relief u/s 89(1) available even when arrears were received in addition to compensation for Voluntary Retirement - ITAT In a…