Whether the Authorized Signatory of Foreign Company can be the same as its Nominee?
What is difference between Liquidation and Winding up?
If shares are sold after the ex-date/record date, would eligibility for the rights issue still apply?
Can the services of Payment Aggregators (PA) be used for loan disbursals and repayments?
Can subsidiary company hold shares in its holding company?
What is the difference between Compounding and Adjudication?
Can Peer Review be done by proprietor / partner of the Practice Unit peer reviewed by the Reviewer?
Does getting empanelled as a Reviewer with Institute ensures the allotment of Peer Review work?
Compliance Calendar LLP is Recognised as Startup by DIPP Under Ministry of Commerce & Industry, Government of India
The Companies (Auditor's Report) Order, 2020 (CARO, 2020) is an order issued by the Ministry of Corporate Affairs (MCA) that prescribes the manner in which auditors are required to report on certain aspects of a company's financial statements. CARO, 2020 applies to all companies registered in India, including private companies, except for certain exempted categories.
The applicability of CARO, 2020 on private companies depends on their turnover or borrowing limits. CARO, 2020 applies to private companies that meet any one of the following criteria:
The company's annual turnover exceeds INR 50 crore (approximately USD 6.7 million) during the financial year.
The company's outstanding loans or borrowings exceed INR 5 crore (approximately USD 670,000) at any point during the financial year.
The company's paid-up share capital and reserves exceed INR 10 crore (approximately USD 1.3 million) at any point during the financial year.
Private companies that do not meet any of the above criteria are exempt from complying with the provisions of CARO, 2020.
It is important to note that while private companies may be exempt from complying with certain aspects of CARO, 2020, they are still required to comply with other statutory requirements under the Companies Act, 2013 and other applicable laws and regulations. Therefore, it is important for private companies to consult with their auditors and legal advisors to ensure that they are in compliance with all applicable statutory requirements.