ICAI has reviewed the members’ concerns and has announced that the effective date of certain Standards on Auditing, i.e. Revised SA 700, SA 701, Revised SA 705 and Revised SA 706 stands deferred by one year, i.e. these Auditing Standards shall be applicable for audits of financial statements of periods beginning on or after 01/04/2018, instead of 01/04/2017:
ICAI Clarification/ Announcement dt. 01/04/2017: Applicability Date for Revised SA 700, SA 705, SA 706
It may be noted that ‘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’ and ‘Revised SA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report’ were approved by the ICAI at its 350th meeting held in February 2016 and all these standards were announced to be applicable for audits of financial statements for periods beginning on or after 01/04/2017.
Further, that the pre-revised SA 700, SA 705 and SA 706 will continue to apply from 01/04/2012, in the meantime, as announced by ICAI earlier about the revised effective date/ applicability of Standards on Auditing (SA 700, SA 705 and SA 706).