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. 17 May 2016 has released various Revised/ New 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 ICAI had issued Exposure Drafts of above Revised Standards on Auditing on 3 Dec. 2015, for Comments from it’s Members latest by 18 Jan. 2016. After consideration of the suggestions/ comments received, the ICAI has issued the above standards.

Applicability Date for Revised SA 700, SA 705, SA 706: ICAI Clarifications