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K.R. Srivats

New Delhi , Feb. 20

THE Central Council of the Institute of Chartered Accountants of India (ICAI) has withdrawn four Guidance Notes issued in the past by the institute.

Guidance Notes are issued by the ICAI to assist members in their attest functions.

They are usually withdrawn when auditing and assurance standards or accounting standards covering similar topics as those of the Guidance Notes are issued.

The four guidance notes withdrawn by the institute relate to provision of liability for taxation, surprise checks, signature of statutory audit reports and format of audit certificate to be issued by the statutory auditor on cash flow statements, an ICAI official said.

While the Guidance Note on Provision of Liability for Taxation (issued in 1975) was withdrawn due to the issuance of Accounting Standard (AS) 22 on "accounting for taxes on income," the Guidance Note on Surprise Checks (issued in 1975) was withdrawn as the issues covered by this Note had already been dealt with by a number of Auditing and Assurance Standards (AAS).

The Guidance Notes on Signature on Statutory Audit reports (issued in 1973 and revised in 1991 and 1993) and the Format of Audit Certificate to be issued by the statutory auditor on cash flow statements were withdrawn in the light of issuance of AAS 28— " The Auditor's Report on Financial Statements."

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