List of ‘Standards on Internal Audit (SIA)’ issued by ICAI (updated 27 Nov. 2018)

List of ‘Standards on Internal Audit (SIA)’ issued by ICAI (updated 27 Nov. 2018)

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.

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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

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

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  1. kennedy Mulilo

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