CARO
2003 VS CARO 2015
Today, we are posting about the changes in CARO 2015 as compared to CARO 2003.. Share dis so dat it will reach to the maximum people... Must Read N dont forget to SHARE
CARO 2003 VS CARO 2015
Few days back the Central Government, after
consultation with the ICAI , makes the Companies (Auditor’s Report) Order, 2015
which will be Applicable w.e.f. FY Starting 1st April, 2015. and will be also
known as ( CARO 2015 ) . Here we are trying to give you a brief differecnce or
you can say changes in CARO 2003 vs CARO 2015. So go through the complete
article and be updated
Points added in
CARO’2015 as compared to CARO, 2003
1. Inclusion of National Company Law tribunal, RBI
or any other court or Tribunal in acceptance of deposits us 58AA (old)
2. Deposit of State Dues – in that clause Investor
Education fund removed and separately mentioned as a point
Points deleted in
CARO’2015 as compared to CARO, 2003
1. If a substantial part of fixed assets have been
disposed off during the year, whether it has affected the going concern
2. Loan given to 301 parties. If so, give the number of parties and amount involved in the transactions.
3. (b) whether the rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, are prima facie prejudicial to the interest of the company;
4. (v) (a) whether transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered;
5. (b) whether each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time:
(This information is required only in case of transactions exceeding the value of five lakh rupees in respect of any party and in any one financial year)
2. Loan given to 301 parties. If so, give the number of parties and amount involved in the transactions.
3. (b) whether the rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, are prima facie prejudicial to the interest of the company;
4. (v) (a) whether transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered;
5. (b) whether each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time:
(This information is required only in case of transactions exceeding the value of five lakh rupees in respect of any party and in any one financial year)
The following
clauses have also been deleted from the New CARO, 2015 as compared to Clause in
old CARO, 2003
Clause VII Internal Audit system requirement
Clause XII documentation for loans given by
pledging the shares
Clause XIII Nidhi, Chit fund
Written by: CA GROUPS
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