Caro 2020 and major differences between the earlier one and present one

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CARO 2020 is an updated version of the Companies Auditor's Report Order with new reporting requirements.

CARO 2020 has expanded the scope of reporting requirements for auditors
It includes new reporting requirements related to fraud, internal financial controls, and loans and investments
CARO 2020 also requires auditors to report on the impact of COVID-19 on the company's financial statements
The threshold for reporting on related party transactions has been increased from Rs. 10 lakhs to Rs. 50 lakhs
CARO 2020 has also introduced a new reporting requirement related to the utilization of Corporate Social Responsibility funds

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