Introduction
The revised CARO has added 22 new reporting requirements that have further increased the maze of compliances that Corporates have to achieve for each financial year.
There are some significant changes in the Companies Auditors Report Order (CARO) 2020 and the Schedule III to the Companies Act, thereby impacting the disclosure requirements in the Financial Statements and also the Auditors Report.
The objective of the session is to deliberate on some of the key changes and the impact that it would have on the financial statements and the steps required to address these issues on a timely basis.
Companies (Auditor Report) Order, 2020 effective for the Financial year 2021-22 onwards
- Clause-wise Reporting Requirements
- Analysis of amended Clauses
- Clause-wise Audit Steps
- Modifications in existing Clauses and Additional Clauses introduced
- Changes in Schedule III Corresponding to each Clause of CARO
- Discussions on challenges in Reporting, Documentation thereof and audit procedures
Revised Schedule III effective from 1st April 2021
- Amended Clause wise analysis of the New Schedule III requirements with corresponding clauses under CARO 2020