CARO 2020: Top insights into the changing role of CFO and Auditor
CARO 2020 was introduced on February 25, 2020, and made effective for all the reports to be issued for the financial years commencing on or after April 1st, 2019.
This publication highlights key takeaways for Auditors, CFO, and other senior management.
Considering a very short time given for companies to comply with this Order, the implementation of this order is going to be an uphill battle for companies. When the companies have to look back certain policies that never existed in the last 11 months and comply the same in the next 1 month, it is likely that the application for this order may be deferred for few quarters.
The regulators have definitely given a thought for Small business and have exempted CARO 2020 for below private companies including certain specific categories of the company like banking, insurance, section 8 companies, and one person company:
Below are in-depth analysis of our expert team related to certain key matters of CARO 2020:
CARO 2020 reporting is going to be tougher for the auditor as well as companies. On the other hand, it will bring more transparency in the dealings of the companies.
What else should businesses know about CARO 2020?
Author can be reached at vm@tya.co.in if any specific queries on this topic.
R.K Complex, 2nd Floor, 152, KHB Colony, 5th Block, Koramangala, Bengaluru, Karnataka 560095.
