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Matter for Auditors’ Attention

Updates from ICAI

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On 19 August 2023, ICAI issued a clarification regarding the authority attached to the documents issued by it.

The clarification states that while the accounting and auditing standards are required to be complied with, the guidance notes are recommendatory in nature. Further, in cases where the recommendations of the guidance note have not been complied with, then disclosures should be made on why alternative procedures were adopted and the reason why guidance note was not complied with. In such cases, auditors should review whether the guidance note has been complied with, and where it has not, then they may consider a disclosure in the audit report regarding such fact.

To access the text of the ICAI clarification, please click here

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