Implementation Guide to Standard on Auditing (SA) 701,

Communicating Key Audit Matters in the Independent Auditor’s Report

The Institute of Chartered Accountants of India

(Set up by an Act of Parliament)

New Delhi

 

Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI) are critical in ensuring and enhancing audit quality. It is essential that the auditors understand and implement the requirements of these Standards in their audit engagements. The Implementation Guides to Standards on Auditing are an important resource for the auditors to appropriately understand the requirements of these Standards and help them implement these Standards appropriately. These Implementation Guides also provide solutions to various practical problems faced by the auditors in implementing these Standards in real life audit situations.

In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report”. These set of standards has changed the paradigm of auditor’s reporting. Moreover, these standards are expected to reinvigorate the audit and change the manner in which auditors communicate their work in their key deliverable i.e. auditor’s report.

Earlier these standards were applicable for audits of financial statements for periods beginning on or after April 1, 2017. However considering the magnitude of changes driven by these standards, the Council of ICAI felt the urgent need to create awareness on the standards and accordingly decided to defer the applicability of these standards by a year. Now these standards are effective for audits of financial statements for periods beginning on or after April 1, 2018.

Link to Download Implementation Guide to Standard on Auditing (SA) 701,Communicating Key Audit Matters in the Independent Auditor’s Report

https://resource.cdn.icai.org/48820aasb-icai-igsa701.pdf

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