What are the key differences between the old and new CARO rules?

Question

Accepted Answer

Old CARO and New CARO are two different sets of auditing standards in India.

Old CARO was applicable from 2003 to 2015, while New CARO was introduced in 2016.
New CARO has more stringent reporting requirements, including reporting on internal financial controls.
New CARO also requires auditors to report on frauds committed by the company or its employees.
New CARO has increased the number of reporting requirements from 12 to 21.
Old CARO did not require reporting on internal financial controls or frauds.
New CARO has increased the focus on corporate governance and transparency.
Old CARO was criticized for being too lenient and not providing enough information to stakeholders.
New CARO aims to address these criticisms and provide more comprehensive reporting.

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