Comprehensive Guide on CARO 2020

Comprehensive Guide to CARO 2020 provides specific guidance & practical tips to help the auditors navigate through the complex areas of reporting. It also provides clause-by-clause analysis of CARO 2020 requirements in an easy-to-understand language.

This book will be helpful for auditors & preparers of financial statements.

The Present Publication is the Latest Edition, authored by Gautam V. Shah, Hemal D. Shah, Milan Mody, Yogesh Amal, Santosh Maller, guided by Zubin Billimoria. The highlights of this book are as follows:

• [Analyse & Improve the Understanding of New Reporting Guidelines] under CARO
• [Practical Challenges in Compliance] To highlight the challenges which are anticipated while complying with the new norms
• [Commentary on Reporting Issues & Practices | Guidance Note by ICAI] along with views and perspectives to supplement broad guidance covered by the Guidance Note issued by the ICAI in June 2020
• [Illustrative & Indicative Draft of the Clauses] to be reported
• To assist the management and preparers of financial statements in providing and compiling data on a timely basis
• [Specific Guidance] for practitioners:
• [Audit Procedures] to be followed
• [Key Risks] which need to be addressed and vigilance that needs to be adopted
• [Key Checkpoints] for the auditors
• [Documentation] including management representation letter

The detailed contents of this book are as follows:

• Introduction & General Audit Approach
• Property Plant Equipment & Intangible Assets
• Inventories and other Current Assets
• Investments, Loans, Advances & Guarantees
• Deposits, Loans, and Borrowings
• Capital Raising
• Statutory Dues
• Fraud Reporting
• Cost Audit & Internal Audit
• Nidhi Companies and NBFCs (including CICs)
• Related Party Transactions and Non-Cash Transactions with Directors
• Reporting on Financial Position
• Resignation of Statutory Auditors
• Corporate Social Responsibility (CSR)
• Consolidated Financial Statements (CFS)