The Internal Audit Standards Board (IASB) of the Institute of Chartered Accountants of India (ICAI) has released a comprehensive set of Exposure Drafts of Standards on Internal Audit (SIAs) and Quality Standards on Internal Audit (QSIAs) for public comments. Stakeholders, including members of the profession, corporates, and regulators, are invited to share their feedback by October 23, 2025.
Official copy of the notification is as follows
Internal Audit Standards BoardThe Institute of Chartered Accountants of India Invitation of Comments on Exposure Drafts of Standards on Internal Audit (SIAs) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on the following exposure drafts of Standards on Internal Audit (SIAs):
Quality Standards on Internal Audit
- Exposure Draft of QSIA 1, Internal Audit Quality Aspects
- Exposure Draft of QSIA 2, Peer Review and Third-Party Assessment
Series 100: Core Concepts and Principles
- Exposure Draft of SIA 110, Basic Principles of Internal Audit
- Exposure Draft of SIA 120, Terms of Internal Audit Engagement
- Exposure Draft of SIA 130, Managing the Internal Audit Function
- Exposure Draft of SIA 140, Internal Controls
- Exposure Draft of SIA 150, Risk Management
- Exposure Draft of SIA 160, Compliance with Laws and Regulations
Series 200: Audit Execution
- Exposure Draft of SIA 210, Knowledge Of the Entity and its Environment
- Exposure Draft of SIA 220, Internal Audit Planning
- Exposure Draft of SIA 230, Internal Audit Evidence
- Exposure Draft of SIA 240, Use of Tools
- Exposure Draft of SIA 250, Internal Audit Documentation
- Exposure Draft of SIA 260, Review and Supervision of Audit Assignments
- Exposure Draft of SIA 270, Experts and Third-Party Engagement
- Exposure Draft of SIA 280, Fraud and Irregularities
- Exposure Draft of SIA 290, Communication with Management and Those Charged with Governance
Series 300: Internal Audit Reporting
- Exposure Draft of SIA 310, Reporting and Conformance with Standards on Internal Audit
- Exposure Draft of SIA 320, Presentation of Internal Audit Reports
- Exposure Draft of SIA 330, Issuing Assurance Reports
- Exposure Draft of SIA 340, Special Purpose Reports
Last Date for Submitting Comments is October 23, 2025. Comments are most helpful if they indicate relevant paragraph number, a clear rationale and, where applicable, provide a suggestion for alternative wording.(Submission links given in the above-mentioned files and can be viewed after downloading the same)
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