Ministry of Corporate Affairs (MCA) notified Companies’ (Auditor’s Report) Order (CARO), 2016 on 29th March, 2016. CARO 2016 is applicable for financial years commencing on or after 1st April, 2015. Reporting under CARO 2016 will make the reporting by auditors more meaningful for the stakeholders of the financial statements. These changes in the reporting by auditor were required, keeping in view the frauds that came up in India in the recent past. Reporting under CARO 2016 requires auditor to be more alert & perform the procedures more diligently than before, as the reporting requirements are more specific & stringent than before.
Team FinWiz is extremely happy to announce that one of the active members of the IndianGAAP Discussion Group, CA Varun Wadhawan, has got his article on this topic published in The Chartered Accountant May 2016 issue.
Read the article from ICAI website by clicking here.