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Revised draft code of ethics released by ICAI

Posted on 23 November 2019,    
 1863    Share  Report

ICAI Code of Ethics Volume II

Note:-

Changes shown here are as considered by the Council at its 386th (adjourned) Meeting held on 5th and 6th November, 2019.

The changes are shown in track mode in Part-B of the Code of Ethics, 2009, and consisting of following:-

  • Amendments/changes/modifications since 2008 in Chartered Accountants Act, 1949, Chartered Accountants Regulations, 1988, Council Guidelines, 2008, Accounting and Auditing Standards, Companies Act, 2013 etc.
  • Council Decisions and Clarifications given by ESB and other Committees (having ethical repercussions) since 2008
  • Changes due to ICAI Code of Ethics, 2019 (based on IESBA Code of Ethics, 2018)
  • Decisions of Courts on issues relevant from the point of view of Code of Ethics
  • Miscellaneous changes
  • Changes pursuant to decisions of Council taken. 

PART-B
CHAPTER 1
ACCOUNTING AND AUDITING STANDARDS
Authority Attached to Documents Issued by the Institute

1.1 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.

1.2 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 is being published here to provide this guidance.

1.3 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. Accordingly, while discharging their attest function, it will be the duty of the members of the Institute:

(a) to examine whether 'Statements‘ relating to accounting matters are complied with in the presentation of financial statements covered by their audit. In the event of any deviation from the 'Statements‘, it will be their duty to make adequate disclosures in their audit reports so that the users of financial statements may be aware of such deviations; and

(b) to ensure that the 'Statements' relating to auditing matters are followed in the audit of financial information covered by their audit reports. If, for any reason, a member has not been able to perform an audit in accordance with such 'Statements', his report should draw attention to the material departures
therefrom.

1.4 A list of Statements issued by the Institute and in force as on 1.8. 2019 is given below.

(i) Statement on Reporting under section 227(1A) of the Companies Act, 1956
(ii) Statement on the Amendments to Schedule VI to the Companies Act, 1956.
(iii) Statement on Peer Review.
(iv) Statement on Continuing Professional Education.

To read more in details, find the enclosed file

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