hard20 pts · first answer countsaudit-reportingcompanies-act

CARO: stock statements to the bank

A company has a ₹12 crore cash credit limit secured by inventory and receivables. Its quarterly stock statements to the bank show higher stock than its books. What must the CARO report cover?

A.Nothing, because the limit was fully repaid by year endB.Only whether interest and principal on the limit were paid on timeC.Only the terms set out in the bank sanction letterD.Whether the returns agree with the books, and any differences

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CARO: stock statements to the bank

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