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: