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of <h1>CARO 2020 audit reporting expands checks on asset records, inventory, loans, dues, fraud, borrowings, related parties, CSR compliance</h1> Order 3 prescribes additional matters that an auditor must state in the audit report for companies to which CARO 2020 applies, thereby expanding statutory reporting on specified risk and compliance areas. The auditor must report on records, physical verification, title, revaluation and benami proceedings relating to property, plant and equipment and intangible assets; inventory verification and reconciliation with quarterly statements for working-capital limits; investments, loans, guarantees and securities (including repayment terms, overdues, renewals, on-demand loans, and compliance with sections 185-186); deposits and compliance with applicable directions and orders; maintenance of cost records; regularity and disputes in statutory dues; unrecorded income disclosed in tax assessments; defaults, fund utilisation and end-use of borrowings and issue proceeds; fraud reporting and whistle-blower complaints; Nidhi-specific prudential compliance; related-party transactions; internal audit; non-cash director transactions; RBI registration and CIC status where applicable; cash losses, auditor resignation considerations, going-concern (one-year) assessment, CSR unspent transfers, and CARO qualifications in consolidated entities.
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