Multiple Choice Questions (MCQs) on Guidance Note on the Companies (Auditor's Report) Order, 2020 issued by Auditing and Assurance Standards Board
July, 15th 2020
The Ministry of Corporate Affairs issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020 which would be applicable for statutory audits of financial statements for periods beginning on or after April 1, 2020. CARO 2020 contains several important changes including many additional reporting requirements vis-à-vis CARO 2016 to further enhance overall quality of reporting by the auditors. It is essential that the members are fully abreast of these changes while discharging their professional responsibilities. The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued the Guidance Note on the Companies (Auditor’s Report) Order, 2020 providing detailed guidance to the members on various aspects and provisions of CARO 2020.