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Shreya asked 1 month ago

Sir, I am not able to remember this question. Can you give flow for this question.. 

1 Answers
RaviRavi Staff answered 1 month ago

Hello Shreya
Sorry for replying so late
Please see following flow and summary
Question is regarding scope of auditor with respect to Cl 10 of caro
So basically what is auditor suppose to do regarding cl 10
Answer — i am writing heading of points in or question bank so number it accordingly

  1. Clause 10 of CARO
  2. Audit procedure so as to get information for clause 10 ( New Heading)

    2a. Inquiry from management
    2b Read report of internal auditor
    2c. Discussion with members of audit team
    2d. Obtain written representation
    2e. Written representation not a substitute 

  3. Important Points
    3a. Scope of Inquiry Restricted to Frauds Noticed or Reported (We cannot take responsibility of all frauds)
    3b. Under 143(12) suspected frauds are also reported but in CARO Cl 10 only noticed or reported actual frauds are reported
    3c. Even if fraud reporting is done in caro, reporting may be required in audit report also if financial statements are misstated

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