This change may not be new challenge for statutory Auditors. However it seems to be Strengthen as well as expatiate the ORDER with view of transparency to the financial users.
Of course this Order preparation may be little bit time consuming but i belief the same gonna be the value addition to the audit report.
As a professional, I’m trying to dispense my expertise.
The MCA has issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016) which is applicable for audits of financial statements for periods beginning on or after April 1, 2015
Special attention: the Order shall not apply to the auditor’s report on consolidated financial statements.
Let us run through the Changes in Paragraph 3 of CARO 2016.