Are statements and guidance notes by icai are mandatory

Are Statements and Guidance notes by ICAI are mandatory or recommedatory ?

The question was asked in Auditing (ipcc) May 2014 paper.

Replies (10)
Recommendatory and not mandatory
yes they r recommendatory..
if mandatory it would been a part of our syllabus. If mandatory it would have been taught in detail at our coaching centre. This is common sense The sense Guidance notes are released just to help the members and students to interpret a law, which is considered tricky to understand. Hence, if you are intelligent life form capable of understanding law of you own you need not mandatorily follow ICAI guidance notes.

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.

I agree these are mandatory
Statements are mandatory... Guidance notes is recommendatatory....

statement - mandatory

example- Statement on auditing practice, statement on caro

 

gn - recomendatory

example - gn on share based payments

Analytical procedures = mathematical ratios etc.
hii am srinivas new to CA club 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.
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.



 

BEST answer, thanks

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details