Revised applicability date for 3 Standards on Auditing

The council of ICAI recently postponed the applicability date or effective date by one year of the following Standards on Auditing:

SA 700(R) : Forming an opinion & reporting on Financial Statements

SA 705 : Modifications to the opinion in the independent Auditor's Report

SA 706 : Emphasis of matter paragraphs & other matter paragraphs in the independent Auditor's Report.

       Now as per revised date these SAs shall be applicable for Audits of financial statements for period beginning on or after 1st April, 2012.

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