Taxmann ‘s- Auditors’ Essentials Combo – CARO with Corporate Practices (Para-wise Commentary) and Tax Audit (Clause-wise Commentary) | Finance Act 2023 Edition | By Srinivasan Anand G

This exclusive combo of two essential books empowers the auditors to conduct seamless audits under the two distinct yet interconnected domains. The first book, CARO with Corporate Practices, offers a detailed, paragraph-by-paragraph analysis of the Companies (Auditor’s Report) Order (CARO), complemented by FAQs and case studies. The second book, Tax Audit, delivers an in-depth, clause-by-clause discussion of Tax Audit provisions and Forms 3CA, 3CB, and 3CD clauses. This is further enriched with Guidance Notes from ICAI and a Tax Audit Reckoner.

Description

This exclusive combo of two essential books empowers the auditors to conduct seamless audits under the two distinct yet interconnected domains. It includes the following books:

• CARO with Corporate Practices authored by Srinivasan Anand G.
• Tax Audit authored by Srinivasan Anand G.

The key features of the book are as follows:

CARO with Corporate Practices

This book provides a para-wise commentary on the Companies (Auditors Report) Order (CARO). It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO. This book will be helpful for Auditors.

The Present Publication is the 10^th Edition and has been amended up to August 2023. This book is authored by CA Srinivasan Anand G and divided into three divisions:

• [Division One] Features of CARO 2020 & its Applicability
• [Division Two] CARO Reporting as Applicable to Standalone Financial Statements
• [Division Three] CARO Reporting as Applicable to Consolidated Financial Statements

The noteworthy features of this book are as follows:

• [Corporate Practices] from published annual reports of FYs 2021-22 & 2022-23 are included in the book
• [All-about CARO 2020] which includes the following topics:
  • Features of CARO 2020
  • Audit Requirements (Other Audits vs Reporting Requirements u/s 143 of the Companies Act 2013)
  • Clause-wise Analysis & Commentary on Clauses (i) to (xx) of Para 3 & 4 along with Clause (xxi) of Para 3 of CARO 2020
• [Para-wise Commentary] dealing with clauses (i) to (xx)
  • Interpretation Requirements of the Clause in light of the following:
    • Applicable Legal Provisions
    • Relevant Standards on Auditing
    • Revised 2022 Guidance Note of ICAI on CARO 2020
  • Applicable Requirements of Schedule III of the Companies Act 2013
  • Requirements of Section 143(1) to (3) applicable to the Clause’
  • NFRA’s Interpretation of the Reporting Requirements of the Clauses and lapses on the part of auditors pointed out by NFRA in Audit Quality Review Reports (AQRR)
  • Forward Linkages to the following:
    • Tax Audit Report in Form No. 3CD
    • Requirements under Section 143(1)/143(3) of the Income-tax Act
  • Audit Checklists covering the following
    • Checklist in respect of each CARO Clause
    • DPT 3 Return Certification
    • Nidhi Rules Compliances
    • SA 570 (Revised)
  • Audit Documentation
  • Sample Auditors’ Remarks under the relevant Clause
  • Corporate Practices (extracts from the annual reports)
• [FAQs & Case Studies] on CARO 2020
• [Clause-wise Ready Reckoner] on CARO 2020

Tax Audit

This book comprehensively provides the following:

• [Commentary on Tax Audit u/s 44AB] with reference to its applicability to various assessees and appointment of the tax auditor
• [Clause-wise Detailed Commentary] on the following:
  • Form 3CA
  • Form 3CB
  • Form 3CD
  • Clause 30C of Form 3CD pertaining to GAAR explained with foreign case laws
• [Detailed Discussion on Presumptive Tax Provisions with Pros & Cons] of the following sections:
  • Section 44AD
  • Section 44ADA
  • Section 44AE
• [Income Computation and Disclosure Standards (ICDS)] explained with the following:
  • Application Guide for each ICDS
  • Difference between Ind AS/AC & ICDS
  • Statements showing adjustments for variations between Ind AS/AS & ICDS
• [Tax Audit Ready Reckoner] on the following topics:
  • Management Representation Letters, which are to be obtained by the tax auditor for each Clause of Form No. 3CD
  • Notes/Comments/Disclaimers to be given regarding each Clause of Form No. 3CD in Clause (3) of Form No. 3CA & Clause (5) of Form No. 3CB
  • Audit of Cash Transactions
  • Audit of Share Capital
  • Audit of Loans, Borrowings and Deposits
  • Sale of Immovable Property
  • Applicability of various clauses to different assessees
  • Clause of Form 3CD not applicable to assessees following cash basis of accounting
  • Form 3CD – Clause-wise applicability reckoner of ICDS
  • Statutory provisions relevant to various clauses of Form 3CD

The Present Publication is the 15^th Edition and has been amended by the Finance Act 2023. This book is authored by CA Srinivasan Anand G. with the following noteworthy features:

• [Practice Pointers] which includes common errors in reporting detected by the ICAI while scrutinising tax audit reports for each Clause of Form No. 3CA, Form No. 3CB and Form No. 3CD
• [Consequential Effects on Other Clauses] while reporting in each Clause of Form No. 3CD
• [Tax Audit of Companies]; relevant clauses in statutory audit report & CARO report, which are to be cross-checked
• [Requirements of various Clauses] of Form 3CA, Form 3CB & Form 3CD are discussed with reference to the following:
  • e-Filing Utility requirements
  • Relevant Legal Provisions
  • Case Laws
  • CBDT Clarification
  • Views of the ICAI
• [Checklists] are provided for various clauses of Form 3CD

The structure of this book is as follows:

• Chapters 0 – 14 provide the obligation of an entity to get the accounts audited u/s 44AB, which is explained in light of presumptive taxation provisions along with the following:
  • Case Laws
  • Latest ITR Forms
  • Views of the ICAI
• Chapters 15 – 65 provide a clause-wise commentary on Form 3CD with a Tax Audit checklist for each clause. Linkages with other clauses of Form 3CD, i.e., how remarks on a particular clause impact report under other clauses, are provided in this book. Each clause is explained in light of the following:
  • e-Filing utility requirements
  • Relevant Legal Provisions
  • Case Laws
  • CBDT’s Clarifications
  • ICDS
  • Views of the ICAI

Srinivasan Anand G.

Srinivasan Anand G is a distinguished chartered accountant with extensive accounting, auditing, and corporate law expertise. He holds qualifications from all three premier professional institutes in India—the Institute of Chartered Accountants of India (ICAI), the Institute of Cost Accountants of India (ICWAI), and the Institute of Company Secretaries of India (ICSI).

Srinivasan is a sought-after guest faculty member, regularly sharing his knowledge at prestigious institutions, including the Regional Training Institute of the Comptroller & Auditor General of India, Western Coalfields Ltd., Punjab National Bank, and various Zonal Training Centres. He is also a respected speaker at Study Circle Meetings organized by the Nagpur Branch of ICAI, where he provides valuable insights into complex legal and financial topics. His multifaceted expertise and commitment to education make him a recognized authority in his field.