Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
19th August, 2023


Amendment 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”

I. In 1985, the Council of the Institute of Chartered Accountants of India had issued a Clarification namely “Clarification Regarding Authority Attached to Documents Issued by the Institute” (“The Clarification”). The Clarification was revised in February 2022. The Clarification is in force as on date. The Clarification provides the level of authority of various documents issued by the Institute e.g. Accounting Standards, Auditing Standards, Guidance Notes on Accounting, Guidance Notes on Auditing.

II. The Council of ICAI at its 422nd meeting held on 30th June & 1st July 2023 considered the recommendations of the Auditing and Assurance Standards Board (AASB) of ICAI regarding some changes required to be made in the Clarification to provide more clarity, to make the provisions more robust and to remove the provisions which are not relevant in the present context. The Council also considered the recommendations of AASB regarding some consequential changes required to be made in “Paragraph 11 - Guidance Notes” of the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services” (“The Preface”) in order to align the Preface with the changes made in the Clarification. At the meeting, the Council agreed with these recommendations and decided to issue the amended Clarification and the amended Preface.

III. The amended Clarification is enclosed as Appendix 1. (Please click here to download)

The amended Preface is enclosed as Appendix 2. (Please click here to download)

IV. This Announcement is effective from the date of its hosting on ICAI’s website.

Last updated on 2nd May, 2024

    Quick Links