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WIRC of ICAI hosts two-day National Conference on Company Law in Mumbai

Mumbai :The Western India Regional Council of the Institute of Chartered Accountants of India (WIRC of ICAI) on April 21 & 22 hosted a National Conference on Company Law in Mumbai. The physical and virtual conference was attended by more than 20 ....

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Compliance with new rules for audit reports deferred to next financial year

The Ministry of Corporate Affairs has deferred the implementation of Company Auditor’s Report Order (CARO) 2020, which brought about important disclosure requirements, by a year to April 2022 a government notification said. This is the second time that the government has pushed the deadline for compliance of the CARO 2020.
At the start of the first lockdown in March, MCA had deferred CARO 2020 implementation to 2020-21, keeping in mind auditing challenges during the pandemic such as physical verification of inventory, fixed assets, balance confirmations, fair value measurements, expected credit losses, going concern and impairment.
Covid-19 has caused significant disruptions forcing the companies to focus on ensuring business continuity. Deferral of CARO ‘2020 by one year will give the much needed relief to companies and they will be able to use the additional time to prioritise allocation of resources and better prepare for the enhanced requirements. It will be ....

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