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Recently five Standards on Auditing have been revised ie. There are changes in the drafting requirements of audit reports under these SAs as compared to the existing ones. All these standards are effective for audits of financial statements for periods beginning on or after April 1, It implies that practically auditor shall draft his audit report considering these SAs for the first time in ie when he will be reporting on the financial statements for Thus, practically drafting as per new standads will be from April only.
Now in the absence of any official announcement by BOS in this regards till today ie November 21st , there are rounds of confusion and students are asking me too as to whether new standards applicable for the audits of financial statements prepared for the period beginning from 1.
I refrain from answering, better wait for announcement by ICAI in this regard. However, If I go by the general provision and past trend as to the applicability of a particular standard in exams and practical implication of applicability para contained in those standards as mentioned in point number 2, these might not be made applicable for May exams.
I doubt based on past trend. Better to wait for announcement by ICAI.
CA IPCC Auditing Notes By Surbhi Bansal