Qualification of Any point in CARO leads to qualified Audit? - Professionals - Legal - TIK Share
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Qualification of Any point in CARO leads to qualified Audit?


Sandeep C

2013-09-25

Hi

Whether Qualification of Any point in CARO leads to qualified Audit Report.

CA Pulkit Sharma

2013-09-25

CARO is just a checklist of certain items.

Caro reports only what is reported in Financial statements. So if something is qualified in CARO means it was also qualified at financial statement level too.

So qualified caro means qualified report.

If you can explain your doubt in full, it can be answered specificaly.

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Mukesh Jain CA

2013-09-25

Qualified caro does not means a qualified audit report. Qualifications at the level of audit report differs from caro level. Qualifications in caro happens in many companies.

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Sandeep C

2013-10-01

Thank you for your answers.

Based on materiality,substantialness and impact we can qualify the report.

How about Director's Report: He has to reply for those qualifications.

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Mukesh Jain CA

2013-10-01

Yes it is the directors responsibility to reply since it gets covered in his responsibility statement.

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