Webinar on CARO and Recent Amendments & Clarifications in Schedule III to the Companies Act, 2013

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13 May 2022.

The Corporate Affairs Committee of PHDCCI organised a Webinar on CARO and Recent Amendments & Clarifications in Schedule III to the Companies Act, 2013 on 13 May 2022.

Mr Sumant Chadha, Chair, Corporate Affairs Committee welcomed the members and gave the theme address at the Webinar. He mentioned that CARO 2020 (Company Auditor’s Report Order) is applicable for all statutory audits commencing on or after 1 April 2021 corresponding to the financial year 2020-21. He highlighted that CARO, 2020 requires the auditor of the company to report whether maintenance of cost records has been specified by the Central Government under section 148 of the Companies Act, 2013 and whether such accounts and records have been so made and maintained.

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Mr Amit Gupta, Partner, S R Batliboi & Co. LLP gave the presentation on requirements for change in CARO such as recent spike in instances of frauds getting reported; enhanced expectations of regulators – SEBI, RBI, NFRA, SFIO, MCA in light of scams; detailed reporting requirements in the Auditor’s report to give ready information to Regulators; strengthening of role of Internal Auditor; Going concern issues; CSR and the like.

Mr Vikas Kumar, Partner, T R Chadha & Co. LLP talked about amendments in Schedule III to the Companies Act, 2013. He highlighted that purpose of amendments is to provide more transparency in the financial statements and align company’s financial statements in accordance with auditor’s reporting requirements. He also talked about the 3 divisions in Schedule III and explained all the 35 amendments in the Schedule.

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Mr Sumant Chadha concluded the Webinar and gave a formal vote of thanks.

The Webinar was moderated by Ms Shivani Gupta, Joint Secretary – CS, PHDCCI. 

More than 100 delegates attended the Webinar.

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The Event was sponsored by PHDCCI’s Annual Sponsors – Multani Pharmaceuticals Ltd; Star Wire; PG Industry; Uflex Ltd; DLF Ltd; Continental Carriers Pvt Ltd; Belair Travel & Cargo Pvt Ltd; Radico Khaitan Ltd; Jindal Steel & Power; MMG Group; Paramount Communications; Superior Industries Limited; JK Tyre & Industries Ltd; SMC Investments and Advisors Ltd; Crystal Crop Protection Ltd; Sagar Group of Industries; Samsung India Electronics; Comtech Interio; R E Rogers; AYUSH Herbs Private Ltd; Apeejay Stya Group; DCM Shriram; EaseMyTrip; Blossom Kochhar Beauty Products Pvt Ltd; Oswal Greentech; Trident Group; MV Cotspin Ltd; Synergy Environics Ltd; Ajit Industries Pvt Ltd; P S BEDI & Co.; Indian Farmer &Fertilizers Corporation Ltd; Jindal Steel; Hindware Sanitary; Modern Automobiles; Livit Ltd; Central Coalfields Ltd  ; Axa Parenterals; Bhagwati Plastic and Pipes Industries; J K Insurance Brokers Ltd; DD Pharmaceutical Ltd.