⭐ Important points (exam-critical)
- ⭐CARO 2020 has 21 clauses including loans, deposits, PPE, working capital, related parties, statutory dues.
- ⭐Auditor not liable as expert if relied in good faith — but Sec 147 imposes hefty penalty for fraud.
- ⭐Sec 143(3)(i) — IFC reporting mandatory; private cos with turnover < ₹1 cr & borrowings < ₹1 cr exempt.
- ⭐NFRA — National Financial Reporting Authority — oversight for listed and specified entities.
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