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

#1

but sir even while giving opinion in 3cb as per IT act, this is applicable?
 

#2
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

#3

 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.

#4
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

#5

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