SA 700 is for all audits corporate and non corporate
initially it was applicable from FY 17-18
but later it was postponed and made applicable from FY 18-19
but sir even while giving opinion in 3cb as per IT act, this is applicable?
audit report in tax audit is governed by IT Act SA 700 is not applicable, it is clarified by icai
Then sir how is SA 700 applicable to non-corporate entities?
In office, we do audit of non-corporate entities only because IT Act Prescribes; and as per IT act, SA is not applicable.
Generally non – corporate entities get audit done for income tax purpose so they follow format of IT act
but sometimes they may get it audited for Bank / FIs / Investors / Court Order etc then in such case follow SA 700