SA 700 — Forming an Opinion and Reporting on FS (Revised)

Issued by ICAI AASB · Reporting

The auditor's report — opinion language, structure, signing.

Objective

To form an opinion based on the evaluation of conclusions drawn from audit evidence, and to express that opinion clearly through a written report.

Key requirements

Conclusion on whether FS are prepared in accordance with the applicable FR framework
Opinion expressed in terms required by the standard
Report structure: title, addressee, opinion section first, basis for opinion, KAMs (SA 701 for listed), responsibilities of management / TCWG, auditor's responsibilities, other reporting responsibilities (CARO + Section 143(3))
Report dated no earlier than the date the auditor obtained sufficient appropriate evidence
UDIN generated and quoted
Engagement partner signature with membership number and FRN

Typical procedures

Final review of working papers
EQR sign-off where required
Cross-check of all required reporting elements against the SA 700 illustrative format

Common pitfalls

Audit report dated before the MRL date
CARO annexure missing or incomplete
UDIN not quoted on the report
Section 143(3) responsibilities reported but not specifically addressed

On CORAA

7-step UDIN-gated sign-off. Findings above performance materiality block the opinion until partner clears them. Open the matching module →

SA 700 in practice

SA 700 sits in the Reporting phase of the audit. The Standards on Auditing are issued by the ICAI Auditing and Assurance Standards Board (AASB) and deemed to be prescribed by the Central Government under Section 143(10) of the Companies Act 2013. Compliance with SAs is mandatory for every audit conducted by a Chartered Accountant in India.

For authoritative text, refer to the ICAI AASB Compendium of Standards on Auditing at icai.org.

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SA 610 — Using the Work of Internal Auditors (Revised)

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SA 701 — Communicating Key Audit Matters