SA 700 Forming an opnion and reporting on the financial statements.
1. In accordance with the SA 700 (Revised), Forming an opinion and reporting on the financial statements, the tax auditor should clearly mention the respective responsibilities of the assessee and the tax auditor. Form NO. 3CA and form No. 3CB are required to be filed online in preset form and the same are not in line with the requirements of SA 700. However as per the guidance note, having regard to the importance of these respective responsibility paragraphs from the perspective of the readers of the tax audit report, it is suggested that these respective responsibility paragraphs relating can be provided in the space provided for giving observations, etc., under clause (3) of Form No.3CA or Clause (5) of Form No.3CB as the case may be.
2. The illustrative paragraphs on Assessee’s responsibility and Tax Auditor’s responsibility in respect of Form No.3CB have been given in the Guidance Note. The same may be suitably reworded to meet the situation envisaged in Form No.3CA.
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