CARO 2020 applicability deferred by MCA

1. The Ministry of Corporate Affairs (MCA) has deferred the applicability of the notified the Companies (Auditor’s Report) Order (CARO) 2020, till 1st April 2021.

2. The notification seeks to amend the Companies (Auditor’s Report) Order, 2020. In the Companies (Auditor’s Report) Order, 2020, in paragraph 2, for the figures, letters and word “1st April 2020”, the figures, letters and word “1st April 2021” shall be substituted.

3. The Companies (Auditor’s Report) Order, 2020 is applicable for all statutory audits commencing on or after 1 April 2021.

4. The Companies (Auditor’s Report) Order, 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. It has included additional reporting requirements after consultations with the National Financial Reporting Authority (NFRA).

5. NFRA is an independent regulatory body for regulating the audit and accounting profession in India. The aim is to enhance the overall quality of reporting by the company auditors.

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