CARO 2020 VS CAR0 2016

Question

Accepted Answer

CARO 2020 has introduced new reporting requirements and expanded the scope of the audit compared to CARO 2016.

CARO 2020 requires reporting on additional matters such as fraud, internal financial controls, and corporate social responsibility.
CARO 2020 has expanded the scope of the audit to include more types of companies, such as one-person companies and small companies.
CARO 2020 has increased the threshold for reporting on loans and advances made by the company.
CARO 2020 has introduced a requirement for reporting on the adequacy of the internal audit system.
CARO 2020 has introduced a requirement for reporting on the maintenance of cost records by the company.
CARO 2020 has introduced a requirement for reporting on the status of the company's compliance with various laws and regulations.
CARO 2020 has introduced a requirement for reporting on the status of the company's investments in subsidiaries, associates, and joint ventures.
CARO 2020 has introduced a requirement for reporting on the status of the company's deposits accepted from the public.
CARO 2020 has introduced a requirement for reporting on the status of the company's repayment of dues to financial institutions and government.
CARO 2020 has introduced a requirement for reporting on the status of the company's utilization of funds raised through public issues and rights issues.

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