Question ID :
44548
Applicability of CARO 2020
Regarding Private Limitred, have one Confusion . In the Order it is mentioned that
not being a subsidiary or holding company of a public company
Here My Query is Whether if Private Limited Company is a Subsidiary of one foreign Company. Then CARO is applicable to this or nor?
Because of the Professionals are telling that CARO is applicable to Any Subsidiary Company.
Posted by
LAKSHMI NARAYANA PANTHANGI
on
Sep 21, 2023
Filed Under
AUDIT
Answer ID :
85181
If a private limited company, including a subsidiary of a foreign company, meets the specified criteria outlined in CARO, then it would be subject to CARO compliance during the audit of its financial statements. However, if it does not meet those criteria, then CARO may not be applicable.
Posted by
RAKESH on
Oct 12, 2023