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Sa 700 applicability in practical life

Yashika Jain (Article Assistant) (178 Points)

24 May 2017

From when SA 700 revised will be applicable? Is it applicable for audits of FY 16-17?

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Piyush Tanwar (Assistant Manager - Accounts) (1432 Points)
Replied 24 May 2017

@ Yashika Jain

SA 700 (Revised)- Forming an Opinion and Reporting on Financial Statements was approved by the ICAI at its 350th meeting held in February 2016 and this standard was announced to be applicable for audits of financial statements for periods beginning on or after April 1, 2017.

However, the ICAI has reviewed the members’ concerns and has announced that the effective date of Standard on Auditing SA 700 (Revised) stands deferred by one year, i.e. this Auditing Standard shall be applicable for audits of financial statements of periods beginning on or after 1 Apr. 2018 (instead of 1 Apr. 2017).

Thanks and Regards

Piyush Tanwar

CA Finalist and Internal Auditor

Mobile - 9717468521