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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