Auditors might soon have to provide a detailed report on usage of borrowed funds, comment on critical financial ratios, and flag any factors that affect the going concern nature of the companies under audit, as the government plans to expand the scope of audits and improve scrutiny of financials, a senior official said.

The Ministry of Corporate Affairs is planning to revise the Company Auditors Regulation Order (CARO) 2016, announcing several additions to the rulebook for auditors early next year. “The subject involves multiple jurisdictions. We should be able to introduce …