Sir I read SA 700 and ITS SERIES is applicable for FY 2018-19. Is it true or its applicable for audits from FY 2017-18? Also SA 700 is applicable to all entities whether Company or not?

5 answers

Ravi Staff May 22, 2018

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?

Ravi Staff May 22, 2018

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.

Ravi Staff May 23, 2018

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


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