Applicability of Company (Auditor’s Report) Order (CARO) , 2020 w.e.f. 01.04.2020

It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) ,except–

(i) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

(ii) an insurance company as defined under the Insurance Act,1938 (4 of 1938);

(iii) a company licensed to operate under section 8 of the Companies Act;

(iv) a One Person Company as defined in clause (62) of section 2 of the Companies Act and a small company as defined in clause (85) of section 2 of the Companies Act;

(v) a private limited company, not being a subsidiary or holding company of a public company,

Paid up capital and reserves and surplus not more than one crore rupees as on the balance sheet date

and

Total borrowings not exceeding one crore rupees from any bank or financial institution at any point of time during the financial year

and

Total revenue as disclosed in Scheduled III to the Companies Act (including revenue from discontinuing operations) not exceeding ten crore rupees during the financial year.