sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« ICAI »
 Launch of 1st Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Bhawan, Sector- 62, Noida from 2nd June, 2018 to 24th June, 2018.
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018.
 Information System Audit - Assessment Test (ISA - AT), June 2018
 FAQs on SA 570 (Revised), ‘Going Concern’ (Applicable for audits of financial year 2017-18)
  Exposure Draft of Standard on Internal Audit (SIA), Planning the Internal Audit Assignment (Comments to be received by June 15, 2018)
 Four Weeks Residential Programme to be held from 4th June, 2018 to 1st July, 2018 at Centre of Excellence, Jaipur for Men Participants only.
 Inputs/ Suggestions Invited on Draft Revised Syllabus for the Post Qualification Course on Information Systems Audit formulated by Digital Accounting and Assurance Board of ICAI latest by 31st May, 2018.
 Exposure Draft of Accounting Standard (AS) 109, Financial Instruments (Comments to be received by June 30, 2018)
 Register for Exclusive First Batch of Spanish Language (60 Hours) for ICAI Members and Students at Delhi and Mumbai - 4th June 2018 - Last Date of Enrolment is 21st May 2018
 FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
 SAFA accepts recommendation of the ICAI for forming SAFA Women Empowerment Committee and replicating the digital initiatives of ICAI.

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

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions