SA 701 applicable for audits of financial year 2018-19 & onward

As you are aware that ICAI has issued the Standard on Auditing (SA) 701, “Communicating Key Audit Matters in the Independent Auditor’s Report”. SA 701 is applicable for audits of financial statements for periods beginning on or after April 1, 2018 (i.e. for audits of financial year 2018-19 & onwards).

The Auditing and Assurance Standards Board (AASB) of ICAI has issued an announcement regarding applicability date of SA 701. AASB has also issued an Implementation Guide to SA 701 to provide detailed guidance to the members with the objective of smooth implementation of this new standard.

For your ready reference, given below are the links here the abovementioned documents are available and can be downloaded:

S.N.	Document	Link
1	Text of SA 701	https://resource.cdn.icai.org/ 44095aasb33841-sa701.pdf
2	Important Announcement on Revised Effective Date of SA 701 and Revised SAs 700, 705, 706	https://taxguru.in/chartered-accountant/applicability-of-sa-700-701-705-706-deferred-by-one-year-to-01-04-2018.html
3	Implementation Guide to SA 701	https://taxguru.in/chartered-accountant/implementation-guide-standard-auditing-sa-701.html