ICAI’s Standards on Internal Audit (SIA)

ICAI is continuously working to provide updated guidance for helping internal auditors to stay at the cutting edge of best practices. Standards on Internal Audit (SIA) issued by the ICAI are aimed to increase overall credibility, consistency, clarity and comparability of the work performed by the internal auditors. The members can easily achieve quality in internal audit by applying Standards on Internal Audit and thereby meet the expectations of relevant stakeholders.

Internal Audit Standards Board of ICAI has issued the ‘standards on internal audit’ to provide guidance to the members on all important aspects related to internal audit, so that they adopt the best practices and processes in carrying out internal audit. The Standards assist in providing confidence in the quality and consistency of the internal audit work conducted, help to deliver internal audit services in an effective and efficient way, and establish requirements and benchmarks against which the performance of internal audit can be measured.

i) Standard on Internal Audit (SIA) 1, Planning an Internal Audit

ii) Standard on Internal Audit (SIA) 2, Basic Principles Governing Internal Audit

iii) Standard on Internal Audit (SIA) 3, Documentation

iv) Standard on Internal Audit (SIA) 4, Reporting

v) Standard on Internal Audit (SIA) 5, Sampling

vi) Standard on Internal Audit (SIA) 6, Analytical Procedures

vii) Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit

viii) Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

ix) Standard on Internal Audit (SIA) 9, Communication with Management

x) Standard on Internal Audit (SIA) 10, Internal Audit Evidence

xi) Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit

xii) Standard on Internal Audit (SIA) 12, Internal Control Evaluation

xiii) Standard on Internal Audit (SIA) 13, Enterprise Risk Management

xiv) Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment

xv) Standard on Internal Audit (SIA) 15, Knowledge of the Entity and its Environment

xvi) Standard on Internal Audit (SIA) 16, Using the Work of an Expert

xvii) Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit

xviii) Standard on Internal Audit (SIA) 18, Related Parties

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