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Important Announcement on Revised Effective Date of SA 701 and Revised SAs 700, 705, 706
April, 03rd 2017
                           IMPORTANT ANNOUNCEMENT

Important Announcement on revised Effective Date/ Applicability of following
Standards on Auditing ­

   SA 700 (Revised), "Forming an Opinion and Reporting on Financial
   Statements"
   SA 701, "Communicating Key Audit Matters in the Independent Auditor's
   Report"
   SA 705 (Revised), "Modifications to the Opinion in the Independent Auditor's
   Report"
   SA 706 (Revised), "Emphasis of Matter Paragraphs and Other Matter
   Paragraphs in the Independent Auditor's Report"






1. The Council of the ICAI, at its 364th meeting held on March 23-25, 2017considered
the deferment of applicability date of SA 701 and Revised SAs 700, 705, 706. At the
meeting, the Council noted the following points:

   SA 701 and Revised SAs 700, 705 & 706 were approved by the Council at its 350th
   meeting held in February 2016. All these standards are applicable for audits of
   financial statements for periods beginning on or after April 1, 2017.

   Members have requested ICAI to consider the deferment of applicability of these
   standards by a period of one year because the members are finding it difficult to
   implement them. There is need to provide adequate training and implementation
   guidance to the members on these standards so as to equip them with the
   requirement and to implement these standards appropriately. It was then noted
   that issue of Implementation Guide and training programmes may take
   considerable time.

2 After detailed deliberations at the meeting, the Council, in partial modification of
the decision taken by it at its 350th meeting held in February 2016, decided that the
effective date/applicability of the following Standards on Auditing ­

   SA 700 (Revised), "Forming an Opinion and Reporting on Financial Statements"
   SA 701, "Communicating Key Audit Matters in the Independent Auditor's Report"
   SA 705 (Revised), "Modifications to the Opinion in the Independent Auditor's
   Report"
   SA 706 (Revised), "Emphasis of Matter Paragraphs and Other Matter Paragraphs
   in the Independent Auditor's Report"






be deferred by one year and consequently the said Standards shall now be
effective/applicable for audits of financial statements for periods beginning on or
after April 1, 2018 (instead of audits of financial statements for periods beginning on
or after April 1, 2017 as was earlier decided and referred to above).
However, please note that the extant SAs 700, 705 and 706 will continue to
apply.

This is for information and compliance to all concerned.

Issued under the authority of the Council of ICAI



                                                                        Chairman,
                                             Auditing and Assurance Standard Board

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