The IUP Journal of Accounting Research and Audit Practices:
A Note on Companies (Auditor's Report) Order, 2003 and 2015
Article Details
| Pub. Date | : Oct, 2018 |
|---|---|
| Product Name | : The IUP Journal of Accounting Research and Audit Practices |
| Product Type | : Article |
| Product Code | : IJARAP51810 |
| Author Name | : Kabir |
| Availability | : YES |
| Subject/Domain | : Finance |
| Download Format | : PDF Format |
| No. of Pages | : 09 |
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Abstract
The Central Government in consultation with the Institute of Chartered Accountants of India, constituted under the Chartered Accountants Act, 1949 (38 of 1949), came up with the Companies (Auditor's Report) Order, 2003 (referred to as 'CARO, 2003') which was required to be specified in the Auditor's Report. Simultaneously, by virtue of Subsection (11) of Section 143 of Companies Act, 2013 (hereinafter referred to as 'Act, 2013'), the Central Government has conferred powers and has issued an order to be called as Companies (Auditor's Report) Order, 2015 (referred to as 'CARO, 2015') dated April 10, 2015 specifying only 13 matters required to be specified in the Auditor's Report for the financial year-ending March 31, 2015.
Description
The present paper is based on the reviewed literature and researcher's own viewpoint. It helps to understand the concept of CARO 2015 in India and its implication for the Indian companies' accounting, auditing and reporting regime.
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