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EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 140 GOVERNANCE The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 140, Governance. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments can be e-mailed either at cia@icai.in or iasb.program@icai.in Last date for sending comments is March 29, 2020. 1 Int
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FAQ :
The purpose of SIA 140 is to provide common terminology for governance, explain the responsibilities of the Board of Directors and management regarding governance, and specify the responsibilities of the Internal Auditor, particularly when providing assurance on the governance framework.
The overall responsibility for developing, implementing, and monitoring the governance framework rests with the Board of Directors and management.
The key underpinnings of good governance are Integrity and Accountability, Trust and Equity, and Transparency and Justice.
The Internal Auditor's role is to plan and perform procedures to evaluate the design, implementation, and effectiveness of the governance framework, providing independent assurance. They do not manage or operate the framework or make governance decisions.
The last date for sending comments on the Exposure Draft of SIA 140 is March 29, 2020.
Comments can be submitted via email to either cia@icai.in or iasb.program@icai.in.
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