ICAI’s Revised Standards on Auditing (SA 700, SA 701, SA 705, SA 706, SA 260 & SA 570)

New Revised Standards on Auditing (SA-700, SA-701, SA-705, SA-706, SA-260 & SA-570) released by ICAI [17 May 2016]

The ICAI. vide Announcement dt 17th May 2016 has released various Revised Standards on Auditing (i.e. SA 700, SA 701, SA 705, SA 706, SA 260 & SA 570), as under:

Revised SA 700, Forming an Opinion and Reporting on Financial Statements

New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report

Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report

Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report

Revised SA 260, Communication with Those Charged with Governance

Revised SA 570, Going Concern

It may be noted that recently on 3rd Dec., 2015 ICAI had issued Exposure Drafts of above Revised Standards on Auditing, for Comments from it’s Members to be sent latest by January 18, 2016. After consideration of the suggestions/ comments from it’s members, the ICAI has issued these standards.

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