Icai also issued the revised edition of implementation guide on reporting standards revised sa 700, revised 705 and revised 706 to align the same to revised standards. Revised sa 705 and revised sa 706 implementation guide to sa 701, communicating. Sa 700 revised forming an opinion and reporting on. Sa 701 is mandatory in the case of audit of listed entities and casts a new reporting requirement on auditors of listed entities to communicate key audit matters in their audit reports. Standard on auditing sa 701, communicating key audit. Sa 701 communicating key audit matters in the independent.
International standard on auditing 705 revised modifications to the opinion in the independent auditors report effective for audits of financial statements for periods ending on or after december 15, 2016. In 2016, icai revised these reporting standards and issued revised sa 700, revised sa 705 and revised sa. Icai also issued the revised edition of implementation guide on reporting standards revised sa 700, revised 705 and revised 706 to align the same to the revised standards. Sa 705 revised, modifications to the opinion in the independent auditors report.
Icai the institute of chartered accountants of india. In 2016, icai issued the revised auditors reporting standards i. Revised sa 705, modifications to the opinion in the independent auditors report. Standards on auditing sa 700 revised, sa 701, sa 705.
Icai is concerned about the impact of coronavirus disease known as. In the year 2016, the institute of chartered accountants of india icai had issued the revised auditors reporting standards i. Icai implementation guide on reporting standardsrevised. Icai has issued revised edition 2018 of the implementation guide on reporting standards revised audit standards sa 700, 705 and 706, in view of new formats of audit reports having been prescribed under these audit standards revised in 2016, effective from 1 april, 2018. Covid 19 disruptions icai advisory on accounting and assurance. Standard on auditing sa 700 forming an opinion and reporting on financial statements 2. Sa 701 deals with the responsibilities of an auditor to communicate the. Standard on auditing sa 701 communicating key audit.
Sa 705 revised, modifications to the opinion in the. Revised sa 705, modifications to the opinion in the independent auditors. Icais implementation guide on revised audit standards sa. Icais implementation guide on sa701 communicating key. Revised sa 700, forming an opinion and reporting on financial statements sa. Proposed international standard on auditing isa 705 revised, modifications to the opinion in the independent auditors report, should be read in conjunction with isa 200overall objectives of the independent auditor and the conduct of an audit in accordance with international standards on auditing. This publication delves into the transformed auditors report and takes a look at what has changed.
Sa 701, communicating key audit matters in the independent auditors. Frequently asked questions on sa 570 revised, going concern applicable for audits of financial year 201718 e members are aware that icai has issued sa 570 revised, going concern. Faqs on sa 570 revised going concern for fy 201617. Frequently asked questions on sa 570 revised, going. Engagement and quality control standards icai the institute of. Icai releases faqs on sa 570 revised, going concern.
Revised sa 700 forming an opinion and reporting on financial statements, revised sa 705 modifications to the opinion in the independent auditors reportand revised sa 706 emphasis of matter paragraphs and other matter paragraphs in the independent auditors report. Icais revised standards on auditing sa 700, sa 701, sa. Standard on auditing sa 700 revised forming an opinion. Ca icai winter 2016 sa 260 revised communication with those charged with governance. The council of icai at its 364th meeting held in march 2017. Presentation on new auditing standards sa 700, 705 and 706 applicable from april 1, 2011. Sa 720 revised, the auditors responsibilities relating to other information new mandatory reporting requirement in line with the changes in sa 700 revised on other information included in the entitys annual report 01 april 2018 related conforming amendments to sa 210, 220, 230, 510, 540, 600 and 710 understanding key audit matters kams. Standard on auditing sa 705 revised, modifications to the opinion in the independent auditor s report, should be read in conjunction with sa 200, overall objectives of the independent auditor and the conduct of an audit in accordance with standards on auditing. Icai is established under the chartered accountants act, 1949 act no. Revised, sa 705 revised, sa 706 revised and sa 701 be deferred by one year and consequently the said standards shall now be effectiveapplicable for audits of financial statements for periods beginning on or after april 1. Sa 705 revised deals with auditors responsibility to issue an appropriate report in. Icai the institute of chartered accountants of india set up by an act of parliament. Dear students, the content of the audit report as per sa 700 has been revised as under.
Western india regional council wirc audit conclusion and. Standard on auditing sa 570 revised, going concern, should be read in conjunction with sa 200, overall objectives of the independent auditor and the conduct of an audit in. Sa 701 vs sa 570 a matter giving rise to a modified opinion in accordance with sa 705 revised, or a material uncertainty related to events or conditions that may cast significant doubt on the entitys ability to continue as a going concern in accordance with sa 570 revised. Revised sa 700, forming an opinion and reporting on financial statements. Financial statements, sa 705revised, modifica ons to the opinion in. Revised sa 700, revised sa 705 and revised sa 706 issued by the auditing and assurance standards board. The frequently asked questions provides an illustrative paragraph. Icai implementation guide on reporting standards revised sa 700, revised sa 705 and revised sa 706. Implementation guide on reporting standards revised sa 700. Sa 701communicating key audit matters in the independent. Audit report notes for ca final, icai compiled from icai study material covering sa 700, 705,706 ca piyali parashari ca, cwa, bcom hons. Standard on auditing sa 705 revised, modifications to. The icai issued frequently asked questions on sa 570 revised, going concern applicable for audits of financial year 201718 on 21 may 2018.
The auditing and assurance standards board aasb of the icai has also issued sa 720, auditors responsibilities relating to other information, which has undergone changes as a result of the new and revised reporting. This international standard on auditing isa deals with the auditors responsibility to issue an appropriate report in circumstances when, in forming an opinion in accordance with isa 700,1 the auditor concludes that a modification to the auditors opinion on the financial statements is necessary. Sa 700 revised forming an opinion and reporting on financial statements. Standard on auditing sa 705 revised, modifications to the opinion in the independent auditors report, should be read in conjunction with sa 200, overall objectives of the independent auditor and the conduct of an audit in accordance with standards on auditing. Revised sa 299, joint audit of financial statements. It may be noted that revised sa 720 deals with the auditors responsibilities relating to other information, whether financial or nonfinancial information other than financial statements and the auditors report thereon, included in an entitys annual report. Icai faq on revised sa 570 going concern applicable for fy. The council of icai, by issuing an announcement, deferred the applicability of sa 700 revised, sa 701, sa 705 revised, sa 706 revised by one year, i. Applicability date for revised sa 700, sa 705, sa 706. Revised sa 706, emphasis of matter paragraphs and other matter paragraphs in the. Standard on auditing sa 706 revised emphasis of matter. Sa 705 revised deals with auditors responsibility to issue an appropriate report in circumstances when in forming an opinion in accordance with sa 700 revised, auditor concludes that modification to auditors opinion is required. Modifications to the opinion in the independent auditors report effective for audits of. This sa is effective for audits of financial statements for periods beginning on or after april 1, 2017.
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