It is not clear to me as to why central government had to notify certain Accounting Standards to be followed by auditor while doing audit of companies.
A practicing Chartered Accountant would have any way followed the Accounting Standard issued by ICAI while doing Audit because a practicing member of ICAI is mandatorily required to follow AS issued by ICAI while doing Audit.
Kindly someone give a detailed explanation for this.
Thank you
CAclubindia
