Guidance Note on the Companies (Auditor's Report) Order, 2020 (Revised 2022 Edition)
July, 14th 2022
Guidance Note on the
Companies (Auditor’s Report)
(Revised 2022 Edition)
The Auditing and Assurance Standards Board (AASB) has been constituted by the Institute of Chartered Accountants of India (ICAI) for formulation of Engagement and Quality Control Standards (Standards on auditing, review, other assurance, quality control and related services). AASB also develops Guidance Notes, Technical Guides, Implementations Guides and other publications on generic as well as industry specific issues in auditing, with the prime objective of providing guidance to the auditors. The Board organizes regular awareness programmes across the country on auditing standards and other auditing aspects to update the knowledge of the members.
In July 2020, the AASB issued the “Guidance Note on the Companies (Auditor’s Report) Order, 2020” to provide detailed guidance on reporting requirements of CARO 2020. The Ministry of Corporate Affairs vide notification dated 24th March 2021 issued amendment to Schedule III to the Companies Act, 2013. The Schedule III, as amended, requires various disclosures in financial statements some of which are corresponding to the reporting requirements of CARO 2020. I am happy to note that in light of aforesaid amendments, the AASB has undertaken revision and brought out this “Guidance Note on the Companies (Auditor’s Report) Order, 2020 (Revised 2022 Edition)” to provide guidance on various clauses of CARO 2020 in easy to understand language.
I wish to place my appreciation for CA. (Dr.) Sanjeev Kumar Singhal, Chairman, CA. Vishal Doshi, Vice-Chairman and all other members of the Auditing and Assurance Standards Board for their efforts in bringing out this Guidance Note for the benefit of the members and other stakeholders at large
I am confident that the members would find this Guidance Note very useful in their professional assignments.