The Council of the ICAI, at its 364th meeting held on March 23-25, 2017 considered the deferment of applicability date of the following standards of 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”
After detailed deliberations at the meeting the Council decided the applicability of the above standards shall be for audits of financial statements for periods beginning on or after April 1, 2018.
To read the text of the announcement please click here.