List of ‘Standards on Internal Audit (SIA)’ issued by ICAI

ICAI’s Standards on Internal Audit (SIA) are comprehensive and address all aspects of the internal audit function. They are essential reading for all those with an interest in the subject, whether they are practitioners, investors, regulators or other users of internal audit services. The Standards provide a framework for the conduct of internal audit and set out the compliance requirements that all practitioners must meet. They also explain the scope and applicability of the Standards and how they should be applied in the context of an organization’s specific circumstances.

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.

Standards on Internal Audit (SIA) issued by the ICAI

List of ‘Standards on Internal Audit (SIA)’ issued by the ICAI, is as under:

1. Preface to the Framework and Standards on Internal Audit

2. Framework Governing Internal Audits

3. Basic Principles of Internal Audit

4. 100 Series: Standards on Key Concepts

• Standard on Internal Audit (SIA) 110, Nature of Assurance
• Standard on Internal Audit (SIA) 120, Internal Controls
• Standard on Internal Audit (SIA) 130, Risk Management
• Standard on Internal Audit (SIA) 140, Governance
• Standard on Internal Audit (SIA) 150, Compliance with Laws and Regulations

5. 200 Series: Standards on Internal Audit Management

• Standard on Internal Audit (SIA) 210, Managing the Internal Audit Function
• Standard on Internal Audit (SIA) 220, Conducting Overall Internal Audit Planning
• Standard on Internal Audit (SIA) 230, Objectives of Internal Audit
• Standard on Internal Audit (SIA) 240, Using the Work of an Expert
• Standard on Internal Audit (SIA) 250, Communication with Those Charged with Governance

6. 300–400 Series: Standards on the Conduct of Audit Assignments

• Standard on Internal Audit (SIA) 310, Planning the Internal Audit Assignment
• Standard on Internal Audit (SIA) 320, Internal Audit Evidence
• Standard on Internal Audit (SIA) 330, Internal Audit Documentation
• Standard on Internal Audit (SIA) 350, Review and Supervision of Audit Assignments
• Standard on Internal Audit (SIA) 360, Communication with Management
• Standard on Internal Audit (SIA) 370, Reporting Results
• Standard on Internal Audit (SIA) 390, Monitoring and Reporting of Prior Audit Issues

7. 500 Series: Standards on Specialised Areas

• Standard on Internal Audit (SIA) 520, Internal Auditing in an Information Technology Environment
• Standard on Internal Audit (SIA) 530, Third Party Service Provider

8. Standards issued up to July 1, 2013

• Standard on Internal Audit (SIA) 5, Sampling
• Standard on Internal Audit (SIA) 6, Analytical Procedures
• Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit
• Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
• Standard on Internal Audit (SIA) 13, Enterprise Risk Management
• Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
• Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
• Standard on Internal Audit (SIA) 18, Related Parties

Updated Standards on Internal Audit (SIA) by ICAI