Question ID :
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.
Answer ID :
LAKSHMI NARAYANA PANTHANGI
Sep 21, 2023
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.
Oct 12, 2023