The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has notified the amendment to the to the “Clarification Regarding Authority Attached to Documents Issued by the Institute” and Consequential Amendment to the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services”.
Back in 1985, the Institute of Chartered Accountants of India’s Council had released a statement known as “Clarification Regarding Authority Attached to Documents Issued by the Institute” (referred to as “The Clarification”).
This Clarification was updated in February 2022 and remains effective today. The Clarification outlines the extent of authority attributed to different documents issued by the Institute, such as Accounting Standards, Auditing Standards, as well as Guidance Notes on Accounting and Auditing.
During its 422nd meeting held on June 30th and July 1st, 2023, the Council of ICAI deliberated upon the suggestions put forth by the Auditing and Assurance Standards Board (AASB) of ICAI. These recommendations pertained to introducing certain modifications to the Clarification.
The aim was to enhance clarity, fortify provisions, and eliminate clauses that are no longer pertinent in the current context. Additionally, the Council reviewed the suggestions made by AASB concerning consequential alterations to be incorporated in “Paragraph 11 – Guidance Notes” of the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services” (referred to as “The Preface”), so as to align it with the revisions in the Clarification.
During the meeting, the Council concurred with these suggestions and resolved to release the updated Clarification along with the revised Preface. The same changes will be effective since it was announced on the ICAI’s website.
Click here for Amended clarification.
Click here for Amended Preface.
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