Revised Date for applicability of Standards on Auditing. SA 700, SA 701, SA 705, SA 706 applicable for periods beginning on or after 01/04/2018
ICAI
IMPORTANT ANNOUNCEMENT
Important Announcement on revised Effective Date/ Applicability of following Standards on Auditing –
1. The Council of the ICAI, at its 364th meeting held on March 23-25, 2017 considered the deferment of applicability date of SA 701 and Revised SAs 700, 705, 706. At the meeting, the Council noted the following points:
2 After detailed deliberations at the meeting, the Council, in partial modification of the decision taken by it at its 350th meeting held in February 2016, decided that the effective date/applicability of the following Standards on Auditing –
be deferred by one year and consequently the said Standards shall now be effective/applicable for audits of financial statements for periods beginning on or after April 1, 2018 (instead of audits of financial statements for periods beginning on or after April 1, 2017 as was earlier decided and referred to above).
However, please note that the extant SAs 700, 705 and 706 will continue to apply.
This is for information and compliance to all concerned.
Issued under the authority of the Council of ICAI
Chairman,
Auditing and Assurance Standard Board
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