Srikanth D (Occupied.) (168 Points)
07 June 2014Are Statements and Guidance notes by ICAI are mandatory or recommedatory ?
The question was asked in Auditing (ipcc) May 2014 paper.
BANUPRAKASH NAIDU
(IPCC STUDENT)
(38 Points)
Replied 07 June 2014
PSPSPS
(Practicing)
(1344 Points)
Replied 07 June 2014
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.
Ankush sharma
(Auditor Article Assistant)
(816 Points)
Replied 07 June 2014
amit girigoudar
(student)
(26 Points)
Replied 08 June 2014
Rahul
(Chartered Accountnat CS)
(1580 Points)
Replied 08 June 2014
statement - mandatory
example- Statement on auditing practice, statement on caro
gn - recomendatory
example - gn on share based payments
srinivasa rao
(Artical Assistant)
(30 Points)
Replied 28 June 2014
Srikanth D
(Occupied.)
(168 Points)
Replied 29 June 2014
| 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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