Companies Audit Report Order (CARO)
Winston Churchill once remarked, ‘“No comment’ is a splendid expression. I am using it again and again.” Auditors’ of companies do not have the liberty of using this term in their audit reports.
Audit Reports in India are guided by the Companies Act, 1956 — as amended — and the pronouncements of the Institute of Chartered Accountants of India, which, inter-alia, include the Companies Audit Report Order (CARO), issued in 2003 and revised in 2005.
