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Related Documents
  SA 700, 705 and 706 Reporting Standards 1  Contents of today’s coverage… !   SA 700, “Forming and Opinion and Reporting on Financial Statements” !   SA 705, “Modifications to the Opinion in Independent Auditor’s Report” and !   SA 706, “Emphasis of Matter Paragraph and Other Matter Paragraph in the Independent Auditor’s Report” !   That deal with how to form an audit opinion, reach audit conclusions and issue different types of auditor’s reports. 2  Background… !   Essentially, this is the culmination of !   Converging with IASB’s international standards !   Bring specific placement of !   Unqualified Opinion !   Basis for qualified opinion !   Basis for adverse opinion !   Basis for disclaimer of opinion !   Matters of emphasis (not qualified) !   Other matters of importance (not qualified) 3  SA 700 !   Applicability – from 1 st  April 2011 !   Postponed by one year !   Applies only for audit report on general purpose financial statements !   General purpose framework could be !   Fair presentation framework   Like under Companies Act !   Compliance framework   Whether in compliance with specific regulatory requirements !   There could be a mixture of both required !   Like applicable for Banks and NBFCs regulated by RBI 4
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