Are Statements and Guidance notes by ICAI are mandatory or recommedatory ?
The question was asked in Auditing (ipcc) May 2014 paper.
Are Statements and Guidance notes by ICAI are mandatory or recommedatory ?
The question was asked in Auditing (ipcc) May 2014 paper.
The Institute has, from time to time, issued „Guidance Notes‟ and „Statements‟ on a number of matters. With the formation of the Accounting Standards Board and the Auditing Practices Committee, „Accounting Standards‟ and „Statements on Standard Auditing Practices‟ are also being issued. Members have sought guidance regarding the level of authority attached to the various documents issued by the Institute and the degree of compliance required in respect thereof. This note is being issued to provide this guidance. The „Statements‟ have been issued with a view to securing compliance by members on matters which, in the opinion of the Council, are critical for the proper discharge of their functions. ‘Statements’ therefore are mandatory.
statement - mandatory
example- Statement on auditing practice, statement on caro
gn - recomendatory
example - gn on share based payments
| Originally posted by : srinivasa rao | ||
https://icai.org/resource_file/13133Annexure-I_AASB_25092008.pdf veiw this link inthis icai it self told Guidance Notes are recommendatory in nature ‘Statements’ are mandatory. |
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