When Companies Auditor’s Report Order (CARO) is compulsory?
‘CARO’ is applicable to every company including a foreign company as defined in section 591 of the Companies Act, 1956 (‘the Act’), except to: • a banking company, • an insurance company, • a company licensed to operate under section 25 of the Act and • a private limited company with paid up capital and reserves not more than Rs.50 lakhs and does not have outstanding loan exceeding Rs.25 lakhs or more from any bank or financial institution and does not have a turnover exceeding Rs. 5 crores.
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