ICAI has issued ‘Implementation Guide’ on ‘Revised SA-610: Using the Work of Internal Auditors’, for practical guidance of members. Revised SA-610 was issued in Feb. 2016 to be applicable from 01/04/2016 and onwards.
ICAI’s Implementation Guide on ‘Revised SA-610: Using the Work of Internal Auditors’ dt. 27/08/2018
The purpose of ICAI’s Implementation Guide on ‘Revised SA-610: Using the Work of Internal Auditors’ is to provide practical guidance on implementation of the principles laid down in Revised SA-610 issued by the Institute, which is effective for audits of financial statements for period beginning on or after 01/04/2016. It replaces SA 610, “Using the Work of Internal Auditors‟ issued by ICAI in 2009.
The most significant change made by the ‘Revised SA-610’ is that it specifically deals with aspects regarding external auditors using internal auditors to provide them direct assistance in carrying out audit procedures.