CARO 2015 vs CARO 2003

Changes Comparison of CARO, 2015 Vs CARO, 2003

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 2015 vs CARO 2003. So go through the complete article and be updated .

Points added in CARO’2015 as compared to CARO, 2003: CARO 2015 vs CARO 2003

  1. Inclusion of National Company Law tribunal, RBI or any other court or Tribunal in acceptance of deposits us 58AA (old)

  1. 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: CARO 2015 vs CARO 2003

  1. If a substantial part of fixed assets have been disposed off during the year, whether it has affected the going concern

  1. Loan given to 301 parties. If so, give the number of parties and amount involved in the transactions.

  1. (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;

  1. (v)  (a)  whether transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered;

  1. (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: CARO 2015 vs CARO 2003

Clause VII Internal Audit system requirement

Clause XII documentation for loans given by pledging the shares

Clause XIII Nidhi, Chit fund

CARO 2015 vs CARO 2003