Amendments in Audit: A Bird's Eye View

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Amendments in Audit: A Bird's Eye View

List of Topics amended or issued in recent past which are applicable for Nov. 2017 Exams:

1. SA 260 (Revised) SA 570 (Revised) & SA 610 (Revised).

2. SRE 2400 (Revised), SAE 3420 (Newly issued) & SRS 4410 (Revised).

3. Companies (Audit & Auditor's) Amendment Rules, 2017.

4. SEBI (LODR) Regulations, 2015.

5. NBFC Auditor's Report (Reserve Bank) Directions, 2016.

6. Guidance Notes on CARO, 2016.

7. Guidance Note on Reporting of Fraud.

8. Guidance Note on Reporting u/s 143(3)(f) and 143(3)(h).

9. Guidance Note on IFC over Financial Reporting.

A notification was issued by ICAI on 06.07.2017 stating that SA 701 (newly issued), SA 700 (Revised), 705 (Revised) and 706 (Revised) will not be applicable for Nov. 2017 Exams as their applicability been deferred to 01.04.2018.However, these standards are included by the Board of Studies in their revised study material of Jan. 2017 edition. Hence, it is a recommended to study.

Apart from this, it is advisable that you should study the revised standards of 700 series also, as SA 260 (Revised) and SA 570 (Revised) which is applicable for the Nov. 2017 exams, contains the amendments based on SA 700 (Revised) and SA 701 (newly issued). Without studying the SA 700 (Revised) and SA 701 (Newly issued) you will not be able to correlate the amended portion of SA 260 (Revised) and SA 570 (Revised).

In addition, though it is announced by Board of Studies that revised standards of 700 series will not be applicable but Since, In Nov. 2016 exams, when Board of Studies announced that CARO, 2016 will be applicable for the exams, the examiner asked the question based on CARO, 2015. Therefore, it is again advisable that you should study both the categories of standards.