Write notes on the following: (i) CARO 2015

As provided in section 143(11) of the Companies Act, 2013, the Central Government has directed that every report made by the auditor under section 143 for the financial year commencing on or after 1st April, 2014 will include a statement on matters specified under the Companies (Auditor's Report) Order, 2015. This order has been superseded by Companies (Auditor's Report) Order, 2016 made effective from 29th March 2016. This shall apply to every company including a foreign company as defined under section 2(42) of the Act. The requirements as above do not apply to: a banking company defined under Banking Regulation Act, 1949; an insurance company defined under Insurance Act, 1938; Company licensed to operate under section 8 of the Companies Act, 2013; One person company and small company as defined under section 2 (62) and 2(85) of the Companies Act, 2013; Private limited company, not being the subsidiary or holding company of a public company, having paid-up share capital and reserves and surplus not more than ₹1 Crore as on the balance sheet date and which does not have total borrowings exceeding ₹1 Crore from any bank or financial institution at any point of time during the financial year and which does not have a total revenue as disclosed in Schedule III to the Companies Act, 2013 (including revenue from discontinuing operation), exceeding ₹10 Crore during the financial year as per the financial statement.