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.
Standards on Internal Audit (SIAs) prescribes the minimum requirements for ICAI members conducting internal audit of any entity/ company. However, Cost Accountants/ Other Professionals conducting internal audits have been recommended by ICAI to adhere to SIAs to ensure a consistent approach and quality in their professional work. List of ‘Standards on Internal Audit (SIA)’ issued by the ICAI (updated 27 Nov. 2018), is as under:
i) Preface to the Framework and Standards on Internal Audit
ii) Framework Governing Internal Audits
iii) Basic Principles of Internal Audit
iv) Standard on Internal Audit (SIA) 210, Managing the Internal Audit Function
v) Standard on Internal Audit (SIA) 220, Conducting Overall Internal Audit Planning
vi) Standard on Internal Audit (SIA) 310, Planning the Internal Audit Assignment
vii) Standard on Internal Audit (SIA) 320, Internal Audit Evidence
viii) Standard on Internal Audit (SIA) 330, Internal Audit Documentation
ix) Standard on Internal Audit (SIA) 4, Reporting
x) Standard on Internal Audit (SIA) 5, Sampling
xi) Standard on Internal Audit (SIA) 6, Analytical Procedures
xii) Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit
xiii) Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement
xiv) Standard on Internal Audit (SIA) 9, Communication with Management
xv) Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
xvi) Standard on Internal Audit (SIA) 12, Internal Control Evaluation
xvii) Standard on Internal Audit (SIA) 13, Enterprise Risk Management
xviii) Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
xix) Standard on Internal Audit (SIA) 16, Using the Work of an Expert
xx) Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
Very helpful information and well summarized.