As part of its agenda to continue to improve the knowledge base of its members, the Board of the Institute of Chartered Accountants of India has issued the Standards on Internal Audit and Implementation Guides thereof Industry Specific Technical Guides and Generic Guides. Read the official announcement below:
Internal Audit Standards Board
The Institute of Chartered Accountants of India
17th March 2021
Internal Audit Standards Board
Expression of Interest in Projects of the Internal Audit Standards Board, ICAI
The Internal Audit Standards Board (IASB or the Board) is one of the Non-Standing Committee of the Institute of Chartered Accountant of India (ICAI) and was constituted on February 5, 2004 as Committee on Internal Audit. The main objective of the Board is to issue Standards on Internal Audit, strengthen technical resources in the field of Internal Audit, such as Certificate Programs and Courses; disseminate best practices in the field through Seminars and events; and generally, promote the role of internal auditors in governance, risk and compliance to various stakeholders.
As part of its agenda to continue to improve the knowledge base of its members, the Board of ICAI issues Standards on Internal Audit and Implementation Guides thereof Industry Specific Technical Guides and Generic Guides:
(i) Implementation Guide: Best practices, methodologies or approach on how best to apply internal audit procedures in order to achieve the objectives of the SIA.
(ii) Industry-specific Internal Audit Guide: technical or operational uniqueness of the industry and how best to apply SIAs in that industry, internal control, risk and risk control matrix, internal audit checklist.
(iii) Generic Internal Audit Guide: provide guidance to the members on internal audit and related areas.
The Implementation, Industry Specific Internal Audit Guides and Generic Guides are recommendatory in nature.
Till date, the Board has issued publications which are available at the following link: https://icai.org/new_post.html?post_id=6623&c_id=357.
STUDY GROUP OF EXPERTS
In this regard, the IASB is constantly seeking out experts in the Industry, especially Senior Management (CFO/CRO/Chief of Internal Audit), with the objective of establishing a Study Group of Experts who can conduct research and draft the required guidance material to be used by the Internal Auditors who can conduct high quality audits in that industry.
Key Components of Industry Specific Internal Audit Guide to be developed
Certain key component of an Industry Specific Internal Audit Guide is as follows:
- General overview of the chosen industry (such as size, key players, market dynamics etc.) and their business impact;
- Certain Technical and Operational aspects of the industry (such as the business models, value chain, etc.), and its relevance for Internal Auditors;
- Unique aspects of the Industry (e.g., technology, security, seasonality, etc.) and their impact on Risk Management, especially from an Internal Audit perspective;
- Risk mitigation and Internal Control initiatives to improve governance and compliance.
- Finer nuances of internal audit strategy, audit approach, procedures, etc.
The Members may send us their detailed proposal to us along with their detailed profile by filling form at https://docs.google.com/forms/d/e/1FAIpQLSdNlWZFFW71B_bwXQJuciJDd3QL 7BOISCLGNsTleNixpRyBnw/viewform?usp=pp_url in case they are interested to:
- Prepare draft Industry-Specific Technical Guides on Internal Audit
- Review and revise existing Industry Specific Internal Audit Guide and Generic Guide The proposal as send by members would be placed for the consideration of the Board.
For any further query or clarification, please contact the Internal Audit Standards Board at firstname.lastname@example.org.
Internal Audit Standards Board of ICAI