Enroll Course: https://www.udemy.com/course/caro2020/
The world of corporate audits is constantly evolving, and staying ahead of these changes is crucial for any professional in the field. Recently, the Ministry of Corporate Affairs (MCA) introduced the Companies (Auditor’s Report) Order, 2020 (CARO 2020), replacing the previous CARO 2016. This new order, effective for statutory audits commencing on or after April 1, 2021, brings significant shifts in how companies’ financial statements are audited and reported.
To help navigate these complexities, I recently completed the ‘CARO 2020 – Clause by clause analysis’ course on Udemy, and I must say, it’s an indispensable resource for auditors, finance professionals, and compliance officers.
The course provides a comprehensive, clause-by-clause breakdown of CARO 2020. It meticulously covers the applicability and exemptions, highlighting the key differences from CARO 2016. What truly sets this course apart is its practical approach. Each lecture not only explains the clause but also details the associated audit process and reporting requirements. This hands-on guidance is invaluable for understanding the implications of each new requirement.
Key areas that the course expertly tackles include:
* **New Clauses:** The course delves into critical new clauses such as the ‘evergreening’ of loans, a company’s capacity to meet financial liabilities, and the verification of submissions for working capital loans. It clarifies the auditor’s responsibility and the necessary audit procedures for these complex areas.
* **Corporate Social Responsibility:** Understanding the transfer of unspent amounts is crucial, and the course provides clear insights.
* **Internal Audit:** The syllabus addresses the intricacies of internal audit systems and reporting.
* **Wilful Defaulters and Benami Properties:** These sensitive areas are explained with clarity, outlining the auditor’s role.
* **Loan Utilization:** The course examines the use of short-term loans for long-term purposes and the implications of revaluation of assets.
* **Deemed Deposits and Auditor Resignation:** Clarity on what constitutes a ‘deemed deposit’ and the procedures for auditor resignation are covered.
* **Whistleblower Complaints and Fraud Reporting:** The course guides on how auditors should consider whistleblower complaints and report fraud using ADT-4.
* **Related Party Transactions:** Ensuring compliance with laws for these transactions is thoroughly explained.
* **Subsidiaries, Associates, or Joint Ventures:** The course covers fund management related to these entities, especially concerning pledges of securities.
The course also includes practical tools like a word template for CARO and the main auditor report format, which are incredibly useful for day-to-day work. The inclusion of multiple-choice questions (MCQs) with solutions allows for self-assessment, reinforcing the learning. The Q&A section provides solutions to practical questions, further enhancing understanding.
With lifetime access, you can revisit the material anytime, anywhere. Upon completion, you receive a certificate, adding a valuable credential to your professional profile.
**Recommendation:** If you are involved in statutory audits in India, this course is a must-have. It demystifies CARO 2020, equips you with the knowledge to navigate its requirements confidently, and provides practical tools to implement the changes effectively. It’s an investment that will undoubtedly pay dividends in your professional practice.
Enroll Course: https://www.udemy.com/course/caro2020/