Earlier the ICAI had issued Revised “SA 570: Going Concern” along with other Revised Auditing Standards, i.e. SA-700, SA-701, SA-705, SA-706, SA-260, etc. applicable w.e.f. 1 April 2017 (for audits of financial statements for periods beginning on or after April 1, 2017). Subsequently, the ICAI had deferred the applicability of SA 700 (Revised), SA 701, SA 705 (Revised), SA 706 (Revised) by one year, i.e. effective for audits of financial statements for periods beginning on or after April 1, 2018. However, SA 260 (Revised) & SA 570 (Revised) are applicable for audits of financial statements for periods beginning on or after April 1, 2017.
Accordingly, the Auditing and Assurance Standards Board (AASB) of ICAI has issued a set of FAQs/ Clarifications relating to implementation issues of SA 570 (Revised) for the audit of FY 2017-18, including reference to various reporting Standards implementation of which has been deferred to FY 2018-19, based on the queries/ concerns received from the members, as under:
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