sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« ICAI »
 Registrations open for Post Qualification Diploma in International Taxation.
 Registrations open for Post Qualification Diploma in International Taxation.
 Amendment to the Chartered Accountants (procedure of investigations of Professional and other misconduct of Cases) Rules, 2006
 Hosting of Draft Bank Branch Auditors’ Panel for the year 2018-19
 Postponement of Group II Paper - 7 Information Technology & Strategic Management of Intermediate (Integrated Professional Competence) Examination And Group II Paper – 7 Enterprise Information Systems & Strategic Management of Intermediate Examination, earlier Scheduled to be held on 16th November, 2018 in Kumbakonam, Tiruchirapalli and Pondicherry only.
 Next of Batch of Educational Course by ICAI Registered Valuers Organisation (ICAI RVO) at Salem from 24th November, to 16th December, 2018.
 Summary of the Notification dated 2nd November,2018 regarding Provisions of The Companies (Amendment) Ordinance 2018
 7 Days' Residential Programme on Professional Skills Development on 16th to 22nd December at Hyderabad
 Conduct of CA Examination scheduled on 12th November 2018
 Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) by 15th December 2018
 Request to give suggestions on certain provisions of the Companies Act 2013 as per notice issued by MCA by 16th November 2018.

Important Announcement on Revised Effective Date of SA 701 and Revised SAs 700, 705, 706
April, 03rd 2017
                           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, 2017considered
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

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions