ICAI Implementation Guide to Standard on Auditing 701-Communicating Key Audit Matters

Implementation Guide to Standard on Auditing (SA) 701-Communicating Key Audit Matters in the Independent Auditor’s Report

The Auditing and Assurance Standards Board of The Institute of Chartered Accountants of India (ICAI) has brought out an Implementation Guide to Standard on Auditing (SA) 701-Communicating Key Audit Matters in the Independent Auditor’s Report for the benefit of the chartered accountant members.

The said Implementation Guide is in the form of Frequently asked Questions (FAQs) and issued with the purpose of enabling auditors to discharge their reporting responsibilities effectively. Apart from It also  Questions and Answers, it  contains illustrative examples of key audit matters.

Standards on Auditing apply whenever an independent audit is carried out, i.e. in the independent examination of financial information of any entity, whether profit oriented or not and irrespective of its size or legal form (unless otherwise specified) when such an examination is conducted with a view of expressing an opinion thereon.

While discharging the attestation function, it is the duty of the auditor to ensure that the SAs are followed in the audit of financial information covered by the audit report. If for any reason the audit could not be performed in accordance with the SAs, his report should draw attention to the material departures therefrom.

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