Audit guidance notes
This query is : Resolved
@kmerchant
(Querist)
06 June 2014
Sir,
"Are statements and guidance notes issued by the ICAI mandatory or recommendatory for audit purpose."
"Are statements and guidance notes issued by the ICAI mandatory or recommendatory for audit purpose."
06 June 2014
it is mandatory when its applicable to client.
@kmerchant
(Querist)
06 June 2014
Sir,
But isn't audit of subjective nature? In the sense that every organisation has its own set of rules and internal controls. So aren't these guidance notes just a form of guidelines to guide the auditor in case of any difficulty during the audit?
For example - Does the Guidance note on Audit of Cash and Bank Balances compulsorily state its compliance or is it depending on the auditor's own skill and competence whether to follow the same or not?
But isn't audit of subjective nature? In the sense that every organisation has its own set of rules and internal controls. So aren't these guidance notes just a form of guidelines to guide the auditor in case of any difficulty during the audit?
For example - Does the Guidance note on Audit of Cash and Bank Balances compulsorily state its compliance or is it depending on the auditor's own skill and competence whether to follow the same or not?
06 June 2014
it is subjective but i have said that where ever the situation is applicable then audit standards must be applied.
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