ICAI

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

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 –

  • SA 700 (Revised), “Forming an Opinion and Reporting on Financial Statements”
  • SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report”
  • SA 705 (Revised), “Modifications to the Opinion in the Independent Auditor’s Report”
  • SA 706 (Revised), “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report”

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:

  • SA 701 and Revised SAs 700, 705 & 706 were approved by the Council at its 350th meeting held in February 2016. All these standards are applicable for audits of financial statements for periods beginning on or after April 1, 2017.
  • Members have requested ICAI to consider the deferment of applicability of these standards by a period of one year because the members are finding it difficult to implement them. There is need to provide adequate training and implementation guidance to the members on these standards so as to equip them with the requirement and to implement these standards appropriately. It was then noted that issue of Implementation Guide and training programmes may take considerable time.

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 –

  • SA 700 (Revised), “Forming an Opinion and Reporting on Financial Statements”
  • SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report”
  • SA 705 (Revised), “Modifications to the Opinion in the Independent Auditor’s Report”
  • SA 706 (Revised), “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report”

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

----------- Similar Posts: -----------
Share

Recent Posts

  • Income Tax

HC dismissed appeal against inadequacy of sentence in income tax prosecution cases

Appeal against inadequacy of sentence passed by special court in income tax prosecution cases dismissed by High Court  In a…

12 hours ago
  • ICSI

ICSI launches CS Mitr Scheme to give incentive for student registrations

ICSI launches CS Mitr Scheme to give incentive for getting student registered in Executive Programme ICSI has launched CS Mitr…

16 hours ago
  • Income Tax

CPC order u/s 143(1) is appealable and hence no merger with order u/s 143(3) – ITAT

CPC order u/s 143(1) is appealable and hence the doctrine of merger with order u/s 143(3) do not arise -…

1 day ago
  • GST

Under GST Act, there is no specific provision to disclose route of transportation of goods

Under GST Act, there is no specific provision which bounds selling dealer to disclose route to be taken during transportation…

1 day ago
  • Companies Act

Restrictions on use of words “Nidhi Limited”-The Nidhi (Amendment) Rules, 2024

Restrictions on use of words Nidhi Limited unless declared as such under section 406(1). Nidhi (Amendment) Rules 2024 MINISTRY OF…

1 day ago
  • Companies Act

MCA prescribes period & fee for updating directors personal mobile number & email

MCA prescribes period and fee for updating of Directors personal mobile number or email address by e-form DIR-3 KYC  MINISTRY…

1 day ago