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      Question

      Which of the following is true about the statements

      issued by the Institute of Chartered Accountants of India (ICAI)?
      A Statements are mandatory and must be followed by members of the ICAI Correct Answer Incorrect Answer
      B Statements are legally binding and override the provisions of the Companies Act Correct Answer Incorrect Answer
      C Statements are issued by the Government of India in consultation with ICAI Correct Answer Incorrect Answer
      D Statements are only for guidance and not binding on members Correct Answer Incorrect Answer

      Solution

      The correct answer is A

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