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COMPANIES AUDITOR REPORT ORDER
1
A PROJECT REPORT ON
ANALYSIS OF COMPANIES AUDITOR REPORT ORDER
SUBMITTED BY
M.COM-PART 2 (ADVANCED ACCOUNTANCY)
SEM - 4 ROLL NO. -17
ACADEMIC YEAR
2015-16
PROJECT GUIDE
PROF. RASIKA DESAI
SUBMITTED TO
UNIVERSITY OF MUMBAI
VIDYA PRASARAK MANDAL’S
K.G. JOSHI COLLEGE OF ARTS, &
N. G. BEDEKAR COLLEGE OF COMMERCE,
CHENDANI BUNDER ROAD,
THANE WEST-400601.
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COMPANIES AUDITOR REPORT ORDER
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DECLARATION
VIDYA PRASARAK MANDAL’S
K.G. JOSHI COLLEGE OF ARTS, &
N. G. BEDEKAR COLLEGE OF COMMERCE,
CHENDANI BUNDER ROAD,
THANE WEST-400601.
I FIONA JAWAHAR FERNANDO of K.G. Joshi College of Arts,
& N. G. Bedekar College of Commerce, M.Com Advanced accountancy – Part 2
Semester 4 hereby declare that I have completed the project on ANALYSIS OF
COMPANIES AUDITOR REPORT ORDER in academic year of 2015-2016.
The information submitted is true and original to the best of my
knowledge.
Signature of the student,
DATED: / /2016
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Acknowledgement
I owe a great many thanks to a great many people who helped and supported
me during the writing of this project.
I express my thanks to the Principal Dr. (Mrs.) Shakuntala A. Singh,
coordinator Mr. D. M. Murdeshwar and Librarian Faculty of, K.G. Joshi College
of Arts and N.G. Bedekar College of Commerce, Thane for extending their
support.
My deepest thanks to Lecturer Ms. RASIKA DESAI Ma’am the Guide of the
project for guiding and correcting various documents with attention and care. She has
taken pain to go through the project and make necessary correction as and when
needed.
I would also thank our Institution and our faculty members without whom this
project would have been a distant reality. I also extend our heartfelt thanks to our
family and well-wishers.
Last but not the least, I am thankful to the University of Mumbai who gave me
the opportunity to work on this project as a part of our syllabus.
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TABLE OF CONTENTS
1. BACKGROUND ............................................................................................................... 5
2. CONCEPT OF CORPORATE DISCLOSURE............................................................. 5
3. IS IT MANDATORY TO COMPLY CARO – 2015? ................................................... 6
4. FROM WHICH FINANCIAL YEAR CARO – 2015 IS APPLICABLE? .................. 6
5. TYPE OF COMPANIES COVERED UNDER THE CARO – 2015 ........................... 6
6. COMPANIES WHICH ARE EXCLUDED FROM APPLICABILITY OF CARO –
2015............................................................................................................................................ 7
7. WHICH MATTERS ARE REQUIRED TO BE INCLUDED IN AUDITORS
REPORT? ................................................................................................................................. 9
8. REASONS TO BE STATED FOR UNFAVOURABLE OR QUALIFIED ANSWERS
.................................................................................................................................................. 11
9. COMPARISON BETWEEN CARO 2003 AND CARO 2015 .................................... 12
-KEY CHANGES
IN
CARO: ............................................................................................ 12
10. REPORTING FORMAT OF CARO 2015 ............................................................... 19
11. INTRODUCTION TO TATA STEEL LTD. ........................................................... 21
- HISTORY ......................................................................................................................... 21
- CARO 2003 (2011-12) ...................................................................................................... 22
- CARO 2015 (2014-15) ...................................................................................................... 26
12. FINDINGS ................................................................................................................... 31
WELIOGRAPHY .................................................................................................................. 35
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1. BACKGROUND
CARO – COMPANIES (AUDITOR’S REPORT) ORDER, 2003 issued by the Central
Government as per the power granted under section 227(4A) of the Companies Act, 1956 is
applicable to an auditor report submitted after 31st December 2003. The Ministry of Corporate
Affairs has published CARO’2015 on 10th April 2015 which will come into force on the date
of its publication in official gazette. CARO’2015 will be applicable to companies commencing
its financial year on or after 1st April 2014. According to 143, the auditor is required to report
on certain matters only if he is not satisfied after his examination of the accounts but after this
new order, the auditor has to make a statement on each of the specified matters likewise in case
of Govt. companies, this order is in addition to the directions of the Comptroller and Auditor
General in India.
2. CONCEPT OF CORPORATE DISCLOSURE
Corporate disclosure is a process through which business enterprises communicate with
external parties. It is nothing but the communication of financial information of the activities
of the undertaking to the interested parties for facilitating their economic decisions. It is a
system of communication between the management and user groups of the financial statements
in order to report the results of the business activities of a corporate enterprise and also todemonstrate the credibility, accountability and reliability of its working .kohlerer' s Dictionary
for Accountants defines it as an explanation, or exhibit, attached to a financial statement, or
embodied in a report containing a fact, opinion or detail required or helpful in interpretation of
the statement or the report.
'Corporate Disclosure' or 'Financial Reporting' connotes communication of financial statements
and related information from an enterprise to third parties including shareholders, creditors,
customers, governmental agencies and the public. It is the movement of information from the
private domain (of management) into the public domain.' Corporate disclosure is that aspect of
financial reporting which has to do with the presentation of descriptive or supplementary data
as distinguished from the general form of financial statements. Thus disclosure means reporting
of qualitative and quantitative information of financial and non-financial nature regarding the
reporting entity to outsiders for the purpose of their analysis and decision- making. Hence,
corporate disclosure or financial reporting is a subset of communication component of
accounting.
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3. IS IT MANDATORY TO COMPLY CARO – 2015?
Yes! In section 143(11) of CA, 2013 it is clearly stated that the Central Government may orderfor the inclusion of a Statement on specified matters in the Auditor’s Report for specified class
or description of Companies. Accordingly, CARO – 2015 is issued by the CG in pursuance
with the provisions of subsection (11) of section 143 as an additional matters to be included in
auditors report. Therefore, CARO – 2015 should be complied by the Statutory Auditor of every
Company on which it applies.
4. FROM WHICH FINANCIAL YEAR CARO – 2015 IS
APPLICABLE?
Every report made by the auditor in pursuance with the provisions of section 143 of CA, 2013
for Financial Year commencing on or after first day of April, 2014 should include CARO –
2015. Hence, the Companies (Auditor’s Report) Order, 2015 is applicable from FY 2014-15
and the matters specified therein shall be included in each report made by auditor u/s 143 on
the accounts of every company to which CARO – 2015 applies.
5. TYPE OF COMPANIES COVERED UNDER THE CARO – 2015
The Companies (Auditor’s Report) Order, 2015 shall apply to every company including a
foreign company as defined in clause (42) of section 2 of the Companies Act, 2013.
According to section 2(42) of CA, 2013, Foreign Company means any company or bodycorporate incorporated outside India which—
(a) Has a place of business in India whether by itself or through an agent, physically or through
electronic mode; And
(b) Conducts any business activity in India in any other manner.
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6. COMPANIES WHICH ARE EXCLUDED FROM
APPLICABILITY OF CARO – 2015
All types of Companies specified in Paragraph 2 of CARO – 2015 are specifically exempted
from application of CARO. In other words, CARO – 2015 applies to all Companies except
certain categories of Companies specifically exempted therein.
Accordingly, following are the class of companies whose auditors are not required to comment
on matters specified in CARO – 2015.
(i) Banking Company: CARO – 2015 shall not apply to a banking company as defined
u/s 5(c) of the Banking Regulation Act, 1949.
(ii) Insurance Company: CARO – 2015 shall not be applicable to an insurance
company as defined under the Insurance Act, 1938.
(iii) Companies registered with Charitable Objects: Any company which has been
incorporated and licensed to operate under section 8 of CA, 2013 shall not be
required to comply with CARO – 2015.
(iv) One Person Company: A One Person Company (OPC) as defined under clause
(62) of section 2 of CA, 2013 is not covered under CARO – 2015. OPC means a
company which has only one person as a member.
(v) Small Company: A small company as defined under section 2(85) of the
Companies Act, 2013 is excluded from the scope of CARO – 2015. According to
section 2(85) of CA, 2013 small company means a company, other than a public
company,—
(i)
Paid-up share capital of which does not exceed ₹ 50 lakhs or such higher
amount as may be prescribed which shall not be more than ₹ 5 crore; and
(ii) turnover of which as per its last profit and loss account does not exceed ₹ 2
crore or such higher amount as may be prescribed which shall not be more
than ₹ 20 crore:
Note that the definition of Small Company has been amended vide the Companies (Removal of
Difficulties) Order, 2015 [S.O. 504(E)] W.e.f. 13th February, 2015.
However, following companies will not qualify as a Small Company:
(A) A holding company or a subsidiary company;
(B) A company registered under section 8; Or(C) A company or body corporate governed by any special Act;
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(vi) Private Company: The auditors of the following private limited companies are not
required to comment on the matters prescribed under CARO – 2015:
a) A private company with a paid up capital and reserves not more than ₹ 50 lakhs;
Andb) Such private company does not have loan outstanding exceeding ₹ 25 lakhs from
any bank or financial institution; And
c) Such private company does not have a turnover exceeding ₹ 5 crore at any point
of time during the financial year.
You should note that the concept of OPC and Small Company were not existed under the
companies Act, 1956 and such class of companies are newly introduced under the provisions
of the Companies Act, 2013.
Additionally, the scope of applicability of CARO – 2015 covers more number of companies in
compare to the previous CARO – 2003. There are mainly two factors which has widened the
application of CARO- 2015 viz. Small Companies and Foreign Companies.
A) Small Companies: As we know that the concept of Small Company is newly
introduced in the Companies Act, 2013. Further, the definition of Small Company
has been amended vide the Companies (Removal of Difficulties) Order, 2015 W.e.f.
13th February, 2015.
According to the revised definition of Small Company, the both conditions as prescribed in sub
clause (i) and (ii) of clause (85) of section 2 i.e. paid-up share capital and turnover criteria
should be met by company to fall under the definition of Small Company.
Thus, fewer companies are expected to meet the criteria to fall under the definition of Small
Company and therefore be outside the scope of applicability of CARO – 2015.
B) Foreign Company: In compare to the Companies Act, 1956, the definition of
Foreign Company has also been widened in section 2(42) of the Companies Act,
2013. Now, a company shall become foreign company if such company or body
corporate incorporated outside India has a place of business in India whether by
itself or through an agent, physically or through electronic mode and conducts any
business activity in India in any other manner.
Hence, more companies would get covered under the applicability of CARO – 2015.
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7. WHICH MATTERS ARE REQUIRED TO BE INCLUDED
IN AUDITORS REPORT?
As compared to the CARO – 2003, the reporting requirement under the CARO – 2015 have
been significantly reduced from 21 clauses to 12 clauses. As per paragraph 3 of CARO – 2015,following certain matters shall be included in the report made by the auditor under section 143
of the Companies Act, for the financial year commencing on or after 1st April, 2014:
1) Fixed Assets [Clause 3(i)]:
a) Proper Records: Whether the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed assets;
b) Physical Verification: Whether these fixed assets have been physically verified by the
management at reasonable intervals;
c) Whether any material discrepancies were noticed on such verification and if so, whether the
same have been properly dealt with in the books of account;
2) Inventory [Clause 3(ii)]:
a) Physical Verification: Whether physical verification of inventory has been conducted at
reasonable intervals by the management;
b) Adequacy of Procedure: Are the procedures of physical verification of inventory followed
by the management reasonable and adequate in relation to the size of the company and the
nature of its business. If not, the inadequacies in such procedures should be reported;
c) Adequacy of Records: Whether the company is maintaining proper records of inventory and
whether any material discrepancies were noticed on physical verification and if so, whether the
same have been properly dealt with in the books of account;
3) Loan given by Company [Clause 3(iii)]:
Whether the company has granted any loans, secured or unsecured to companies, firms or other
parties covered in the register maintained under section 189 of the Companies Act. If so,
a) Regular Recovery: Whether receipt of the principal amount and interest are also regular; And
b) Steps for Recovery: If overdue amount is more than rupees one lakh, whether reasonable
steps have been taken by the company for recovery of the principal and interest;
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4) Internal Control System [Clause 3(iv)]: Adequate Internal Control System: Is there an
adequate internal control system commensurate with the size of the company and the nature of
its business, for the purchase of inventory and fixed assets and for the sale of goods and services.
Correction of Weaknesses: Whether there is a continuing failure to correct major weaknesses
in internal control system.
5) Deposits [Clause 3(v)]: In case the company has accepted deposits, whether the following
has been complied with:
Directives issued by the Reserve Bank of India; And
The provisions of sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed thereunder;
Orders, if any, passed by Company Law Board (CLB) or National Company Law
Tribunal (NCLT) or Reserve Bank of India (RBI) or any court or any other tribunal.
However, if any of the above not complied with, the nature of contraventions should be stated.
6) Cost Records [Clause 3(vi)]: If the Central Government has specified maintenance of cost
records under section 148(1) of the Companies Act, 2013 whether such accounts and records
have been made and maintained.
7) Statutory Dues [Clause 3(vii)]:
a) Statutory Dues for more than 6 Months: Is the company regular in depositing undisputed
statutory dues including provident fund, employees’ state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other
statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding
statutory dues as at the last day of the financial year concerned for a period of more than six
months from the date they became payable, shall be indicated by the auditor.
b) Dispute for Tax and Duty: In case dues of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess have not been deposited onaccount of any dispute, then the amounts involved and the forum where dispute is pending shall
be mentioned. Note that a mere representation to the concerned Department shall not constitute
a dispute.
c) Transfer of Funds to IEPF: Whether the amount required to be transferred to investor
education and protection fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time.
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8) Cash and Accumulated Losses [Clause 3(viii)]: Whether in case of a company which has
been registered for a period not less than 5 years: Accumulated Losses: Its accumulated losses
at the end of the financial year are not less than 50% of its Net Worth; And
Cash Losses: Whether such company has incurred cash losses in such financial year and in the
immediately preceding financial year.
9) Repayment of Dues [Clause 3 (ix)]: Whether the company has defaulted in repayment of
dues to a financial institution or bank or debenture holders? If yes, the period and amount of
default to be reported;
10) Guarantee for Loans [Clause 3(x)]: Whether the company has given any guarantee for
loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;
11) Usage of Term Loan [Clause 3(xi)]: Whether term loans were applied for the purpose for
which the loans were obtained;
12) Reporting of Fraud [Clause 3(xii)]: Whether any fraud on or by the company has been
noticed or reported during the year; If yes, the nature and the amount involved is to be indicated.
8. REASONS TO BE STATED FOR UNFAVOURABLE OR
QUALIFIED ANSWERS
1) Unfavourable or Qualified Answer: Where, in the auditor’s report, the answer to any of the
questions referred to in paragraph 3 is unfavourable or qualified, the auditor’s report shall also
state the reasons for such unfavourable or qualified answer, as the case may be.
2) Unable to Express Opinion: Where the auditor is unable to express any opinion in answer to
a particular question, his report shall indicate such fact together with the reasons why it is not
possible for him to give an answer to such question.
Hence, as per paragraph 4 of CARO – 2015, the auditor must give the reasons for unfavourable
or qualified answers to the above 12 clauses referred in paragraph 3 of CARO – 2015. However,
if the auditor is not able to express his opinion the fact and reason for the same should be
indicated in the report.
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9. COMPARISON BETWEEN CARO 2003 AND CARO 2015 This order is applicable from the date of its publication in Official Gazette to every auditor’s
report made by the auditor on accounts of the Company (to which Order applies) for financial
year commencing on or after April 1, 2014.
-KEY CHANGES IN CARO:
-Provisions of Companies Act, 1956 replaced with corresponding notified provisions of
Companies Act, 2013.
-Deletion of certain clauses of CARO, 2003 such as clause v, vii, xii, xiii, xiv, xvii, xviii, xix,
xx.
-Exemption of CARO applicability to One Person Company as per section 2(62) and small
company as per section 2(85) of the 2013 Act.
-Separate clause regarding amount required to be transferred to IEPF. -Effect on going concern
on disposal of substantial fixed assets, need not be given
-No comments required to be given w.r.t. loans taken from parties covered in the registermaintained u/s 301 of 1956 Act and further disclosures w.r.t. loans given, reduced.
-Mandatory disclosure regarding amounts involved in case of disputed specified statutory dues
and forum where such dispute is pending.
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10. REPORTING FORMAT OF CARO 2015
To the Members of XYZ Limited
We refer to our report on the financial statements of XYZ Limited (the Company) for the year
ended March 31, 2015 issued on _________. The Gazette version of the Companies (Auditor’sReport) Order, 2015 (CARO 2015) was not available in the Official Gazette of India on the date
of our report. Accordingly, our report does not contain an Annexure on the matters specified in
paragraphs 3 and 4 of CARO 2015.
Subsequent to the issuance of our report dated _______, CARO 2015 has been published in the
Official Gazette of India. While it is not obligatory on our part to issue our report on the matters
specified in paragraphs 3 and 4 of CARO 2015, based on the discussions with the Company, as
a measure of good governance, we give hereinafter a statement on the matters specified in
paragraphs 3 and 4 of CARO 2015. This may be treated as an Annexure to our aforesaid Report
on standalone financial statements for the year ended March 31, 2015.
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars including quantitative
details and situation of fixed assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable, having regard to the size of the
Company and nature of its assets. No material discrepancies were noticed on such physical
verification.
ii. In respect of its inventories:
a) The inventories have been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable. b) In our opinion and according to the information and explanations given to us, the procedures
of physical verification of inventories followed by the management are reasonable and adequate
in relation to the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As per the information and
explanation given to us, no material discrepancies were noticed on physical verification.
iii. In respect of the loans, secured or unsecured, granted by the Company to companies,
firms or other parties covered in the register maintained under Section 189 of the Companies
Act, 2013:
a) The principal amounts are repayable over varying periods upto five years, while the interestis payable annually, both at the discretion of the Company.
b) In respect of the said loans and interest thereon, there are no overdue amounts.
iv. In our opinion and according to the information and explanations given to us, the Company
has an adequate internal control system commensurate with its size and the nature of its
business for the purchase of inventory and fixed assets and for the sale of goods and services.
During the course of our audit, we have not observed any continuing failure to correct major
weaknesses in such internal control system.
v. According to the information and explanations given to us, the Company has not accepted
any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 3 of the
CARO 2015 are not applicable to the Company.
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vi. We have broadly reviewed the cost records maintained by the Company pursuant to the
Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under
Section 148(1)(d) of the Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed accounts and cost records have been maintained. We have, however, not made a
detailed examination of the cost records with a view to determine whether they are accurate orcomplete.
vii. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues including Provident
Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of
Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues have been
generally regularly deposited with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 for a period of more than six months from the date of
becoming payable.
b) According to records of company, there are no dues of income tax or sales tax or wealth tax
or service tax or duty of customs or duty of excise or value added tax or cess have not been
deposited on account of any dispute.
c) According to the records of the Company, there are no amounts that are due to be transferred
to the Investor Education and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund
within time.
viii. The Company does not have accumulated losses at the end of the financial year. The
Company has not incurred cash losses during the financial year covered by the audit and in the
immediately preceding financial year.ix. Based on our audit procedures and according to the information and explanations given to
us, we are of the opinion that the Company has not defaulted in repayment of dues to financial
institutions, banks and debenture holders.
x. The Company has given guarantees for loans taken by others from banks and financial
institutions. According to the information and explanations given to us, we are of the opinion
that the terms and conditions thereof are not prima facie prejudicial to the interest of the
Company.
xi. The Company has raised new term loans during the year. The term loans outstanding at the
beginning of the year and those raised during the year have been applied for the purposes forwhich they were raised.
xii. In our opinion and according to the information and explanations given to us, no fraud by
the Company and no material fraud on the Company has been noticed or reported during the
year.
For ___________
(Chartered Accountants)
FRN: __________
MRN: _________
Date: __________
Place:__________
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11. INTRODUCTION TO TATA STEEL LTD.
Tata Steel Limited (formerly Tata Iron and Steel Company Limited (TISCO)) is an
Indian multinational steel-making company headquartered in Mumbai, Maharashtra, India,
and a subsidiary of the Tata Group. It was the 11th largest steel producing company in the
world in 2013, with an annual crude steel capacity of 25.3 million tonnes, and the second
largest steel company in India (measured by domestic production) with an annual capacity of
9.7 million tonnes after SAIL.
Tata Steel has manufacturing operations in 26 countries, including Australia, China, India, the
Netherlands, Singapore, Thailand and the United Kingdom, and employs around 80,500
people. Its largest plant is located in Jamshedpur, Jharkhand. In 2007 Tata Steel acquired the
UK-based steel maker Corus which was the largest international acquisition by an Indian
company till that date. It was ranked 486th in the 2014 Fortune Global 500 ranking of the
world's biggest corporations. It was the seventh most valuable Indian brand of 2013 as
per Brand Finance.
HISTORY
Tata Iron and Steel Company was established by Dorabji Tata on 26 August 1907, as part of
his father Jamsetji's Tata Group. By 1939 it operated the largest steel plant in the British
Empire. The company launched a major modernization and expansion program in 1951. Later
in 1958, the program was upgraded to 2 Million metric tonnes per annum (MTPA) project. By
1970, the company employed around 40,000 people at Jamshedpur, with a further 20,000 in the
neighbouring coal mines. In 1971 and 1979, there were unsuccessful attempts to nationalise the
company. In 1990, it started expansion plan and established its subsidiary Tata Inc. in New
York. The company changed its name from TISCO to Tata Steel in 2005.Tata Steel on
Thursday(12 Feb 2015) announced buying three strip product services centres in Sweden,
Finland and Norway from SSAB to strengthen its offering in Nordic region. The company,
however, did not disclose value of the transactions.
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CARO 2003 (2011-12)
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CARO 2015 (2014-15)
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12. FINDINGS
This order is applicable from the date of its publication in Official Gazette to every auditor’s
report made by the auditor on accounts of the Company (to which Order applies) for financial
year commencing on or after April 1, 2014.
CARO 2003 is applicable from 12th JUNE 2003 date of its publication in Official Gazette.
KEY CHANGES IN CARO:
1.
-Provisions of Companies Act, 1956 replaced with corresponding notified
provisions of Companies Act, 2013.
2. -Deletion of certain clauses of CARO, 2003 such as clause v, vii, xii, xiii, xiv, xvii,
xviii, xix, xx.
Only 12 clauses are specified in CARO 2015 instead of 18 (22 for others) as in CARO 2003.
CARO 2003 effective from 12th June, 2003 (date of publication in Official Gazette) by virtue
of power conferred by sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter
referred to as “Act, 1956”) wherein the order specified 22 matters which were required to be
specified in the Auditor’s Report.
Simultaneously, by virtue of sub-section (11) of Section 143 of Companies Act,
2013 (hereinafter referred to as “Act, 2013”), the Central Government has conferred its powers
and have issued an order to be called as Companies (Auditor’s Report) Order, 2015 (referred to
as “CARO, 2015”) dated 10th April, 2015 specifying only 13 matter required to be specified in
the Auditor’s Report for the financial year ending 31st March, 2015.
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3. -Exemption of CARO applicability to One Person Company as per section 2(62)
and small company as per section 2(85) of the 2013 Act.
4. -Separate clause regarding amount required to be transferred to IEPF.
No clause in CARO 2003.
5. -Effect on going concern on disposal of substantial fixed assets, need not be given.
No clause in CARO 2015.
6. -No comments required to be given w.r.t. loans taken from parties covered in the
register maintained u/s 301 of 1956 Act and further disclosures w.r.t. loans given,
reduced.
No clause in CARO 2015.
7. -Mandatory disclosure regarding amounts involved in case of disputed specified
statutory dues and forum where such dispute is pending.
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In CARO 2015
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In Caro 2003
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WELIOGRAPHY
SEARCH ENGINE – GOOGLE
WEBSITES -
https://notes.aubsp.com/corporate-law/caro-2015-companies-auditors-report-order/
http://www.caclubindia.com/books/companies_auditors_report_order_2003/Chapter1.asp
http://taxguru.in/company-law/caro-2015-reporting-format.html#sthash.hq3yL1PI.dpuf
http://shodhganga.inflibnet.ac.in/bitstream/10603/7104/11/11_chapter%202.pdf
http://www.tatasteel.com/
http://www.tatasteel.com/investors/annual-report-2014-15/annual-report-2014-15.pdf
http://taxguru.in/company-law/brief-comparison-between-caro-2003-and-caro-
2015.html#sthash.WmZTQ2Ol.dpuf