Are guidelines based on need rather than basic accounting principles and don't require independent audits

Question

Are guidelines based on need rather than basic accounting principles and don't require independent audits

Answer 1

A good guidelines are normally issued the senior accounting officer (if not chief accounting officer) and has been approved by the internal audit. It must have been based on basic accounting principle. It's normally issued because the transaction involved is specific and may cause ambiguity and a guideline is necessary to ensure that all party involved in the transaction understand how to tackle the transaction properly.