CARO 2020 - Clause by clause analysis

CARO 2020 - Clause by clause analysis

The Ministry of Corporate Affairs (MCA) has announced a new format of statutory audits of companies. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020 (CARO 2020). The order (CARO 2020) replaces the earlier order under Companies (Auditor’s Report) Order, 2016.

CARO 2020 is applicable for all statutory audits commencing on or after 1 April 2021 corresponding to the financial year 2020-21.

A course on Clause by Clause Analysis of CARO 2020 (applicable from F.Y. 2021-22)  covers:

- Applicability and Exemption from CARO

- Major changes in CARO 2020 compared to CARO 2016

- Clause wise Analysis

- Each lecture includes understanding of clause, audit process and reporting

- Word template of CARO and Main Auditor Report format

- Self Assessment Test in the form of Multiple Choice Questions (MCQs) to test as you learn

- Solutions to your practical Questions by way of Q&A

- Anytime Anywhere Lifetime Access

- Certificate on Course Completion 

- Understanding, implications and auditor responsibility for New Clauses like

• evergreening of loans,

• capacity of company to pay financial liablities,

• verification of submissions in case of working capital loan

• Corporate social responsibility - transfer of unspent amount

• Internal audit system and Internal Audit Report

• Wilful defaulter

• Benami properties

• Use of short term loan for long term purpose

• Revaluation of Property, plant & equipments and Intangible assets

• Deemed Deposit

• Resignation of Statutory auditor

• Whistle blower complaint considered by auditor

• Auditor of Consolidated Financial Statements - Details of qualification or adverse remarks by component auditors

• Accounting of surrender of Undisclosed Income

• Fraud reporting by auditor: ADT-4

• Related party transactions in compliance with Laws

• fund taken for meeting obligation of or on pledge of securities held in, Subsidiaries, Associates or Joint ventures

Easy, Simple Understanding with Practical aspects

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What you will learn

• Understand key amendments in revised/new CARO 2020 compared with earlier
• Auditor' responsibility with regard to each clause
• Clause wise analysis with practical insights

Rating: 4.875

Level: Beginner Level

Duration: 5.5 hours

Instructor: Chintan Patel