ICAI’s Implementation Guide on ‘Revised SA-610: Using the Work of Internal Auditors’
For practical guidance of members, the ICAI has issued ‘Implementation Guide’ on ‘Revised SA-610: Using the Work of Internal Auditors‘, which was issued in Feb. 2016 applicable from 1 April, 2016 and onwards.
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 April 1, 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.