6) Amendments in CARO 2020.

Question

Accepted Answer

CARO 2020 has been amended recently. Can you tell me about the amendments?

CARO 2020 has been amended to include reporting on the utilization of Corporate Social Responsibility funds.
The auditor is now required to report on the adequacy and effectiveness of internal financial controls.
Reporting on the details of proceedings initiated or pending against the company for holding benami property has been added.
The auditor is now required to report on the maintenance of cost records and the extent of compliance with the Cost Accounting Standards.
The reporting on the status of loans and advances granted by the company to promoters, directors, and related parties has been expanded.
The auditor is now required to report on the existence of any material uncertainty related to the going concern assumption.
The reporting on the details of deposits accepted or repaid during the year has been expanded.
The auditor is now required to report on the maintenance of registers under various laws and the extent of compliance with the same.

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