Standards on Internal Audit (SIA)

Standards on Internal Audit represent codification of the best practices in the field of internal audit.  Application of Standards on Internal Audit is recommended as they are aimed to increase the overall credibility, consistency, clarity and comparability of the work performed by the internal auditors. 

The Internal Audit Standards Board has, till date, issued following eighteen Standards on Internal Audit:

(i)            Standard on Internal Audit (SIA) 1, Planning an Internal Audit

(ii)           Standard on Internal Audit (SIA) 2, Basic Principles Governing Internal Audit

(iii)          Standard on Internal Audit (SIA) 3, Documentation

(iv)          Standard on Internal Audit (SIA) 4, Reporting

(v)           Standard on Internal Audit (SIA) 5, Sampling

(vi)           Standard on Internal Audit (SIA) 6, Analytical Procedures

(vii)          Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit

(viii)         Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

(ix)          Standard on Internal Audit (SIA) 9, Communication with Management

(x)           Standard on Internal Audit (SIA) 10, Internal Audit Evidence

(xi)          Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit

(xii)         Standard on Internal Audit (SIA) 12, Internal Control Evaluation

(xiii)        Standard on Internal Audit (SIA) 13, Enterprise Risk Management

(xiv)        Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment

(xv)         Standard on Internal Audit (SIA) 15, Knowledge of the Entity and its Environment

(xvi)        Standard on Internal Audit (SIA) 16, Using the Work of an Expert

(xvii)       Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit

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

In order to provide one stop reference of the existing suite of Standards to the members, the Board has issued Compendium of Standards on Internal Audit (As on July 1, 2013), covering text of all the eighteen Standards on Internal Audit issued till date.

Technical Guides

The Board has also formulated industry specific guidelines as well as generic guides on internal audit. The basic objective of these Technical Guides is to help the members and other readers in understanding the basic operations undertaken in the relevant industry and understand various peculiar aspects.  The Board has, till date, issued 23 Industry-Specific Technical Guides and 14 Generic Guides.

The Internal Audit Standards Board has also brought out the 2013 edition of the Compendium of Technical Guides on Internal Audit (available at link: http://www.icai.org/post.html?post_id=7405) which contains text of all the Generic as well as Industry Specific Technical Guides issued by the Board as on February 1, 2013.

Industry-Specific Technical Guides

(i)           Technical Guide on Risk- based Internal Audit in Banks

(ii)          Technical Guide on Internal Audit in Oil & Gas Refining & Marketing (Downstream) Enterprises

(iii)         Technical Guide on Internal Audit in Aluminium Industry

(iv)         Technical Guide on Internal Audit in Upstream Oil & Gas Companies

(v)          Technical Guide on Internal Audit in Telecommunications Industry

(vi)         Technical Guide on Internal Audit of Stock Brokers

(vii)        Technical Guide on Internal Audit of Intangible Assets

(viii)       Technical Guide on Internal Audit of Treasury Function in Banks

(ix)        Technical Guide on Internal Audit of Educational Institutions

(x)         Technical Guide on Internal Audit of Construction Industry

(xi)        Technical Guide on Internal Audit of Sugar Industry

(xii)       Technical Guide on Internal Audit of BPO Industry

(xiii)      Technical Guide on Social Audit

(xiv)      Technical Guide on Internal Audit of Retail Industry

(xv)       Technical Guide on Internal Audit of Life Insurance Business

(xvi)      Compendium of Technical Guides on Internal Audit (As on February 1, 2013)

(xvii)     Technical Guide on Internal Audit of Mutual Fund

(xviii)    Technical Guide on Stock and Receivables Audit

(xix)      Technical Guide on Internal Audit of Tendering Process

(xx)       Technical Guide on Internal Audit of Infrastructure Industry

(xxi)      Technical Guide on Internal Audit of Mining and Extractive Industry

(xxii)     Technical Guide on Internal Audit of  Not-for-profit Organisations

(xxiii)    Technical Guide on Internal Audit of Pharmaceutical Industry

Other Technical Literature on Internal Audit

(i)              Manual on Concurrent Audit of Banks

(ii)             Guide on Risk- based Internal Audit

(iii)            General Guidelines on Internal Audit

(iv)            Guide to Implementing Enterprise Risk Management

(v)             Guide to Internal Controls over Financial Reporting

(vi)            Manual on Internal Audit

(vii)           Training Material on Internal Audit

(viii)          Background Material on Due Diligence

(ix)           Study on Co-ordination of Internal Auditor with Functional Heads

(x)            “What is an Internal Audit”- An Informative and Concise Booklet

(xi)           Modules of the Certificate Course on Enterprise Risk Management

(xii)          Handbook on Professional Opportunities in Internal Audit

(xiii)         Guide on Environmental Audit

(xiv)         Data Analytics and Continuous Controls Monitoring

Conferences and Other Programmes

With a view to create awareness about the latest developments in the field of internal audit, the Board has organises seminars, conferences, workshops, etc in association with the Regional Councils and their branches.   

2013-14

1. Seminar on Internal Audit and Risk Management on May 5, 2013 at Thane
2. Seminar on Internal Audit and Risk Management on May 4, 2013 at Lucknow
3. Seminar on Internal Audit and Risk Management on May 25, 2013 at Nagpur
4. Seminar on Internal Audit and Risk Management on June 15, 2013 at Jalgaon
5. Seminar on Standards in Auditing and Internal Audit on August 31, 2013 at Pune jointly with Auditing and Assurance Standards Board
6. National Conclave on Internal Audit 2013 on September 12, 2013 at Mumbai

2012-13

1. Seminar on Data Analysis and Continuous Control Monitoring on June 15-17, 2012 at Delhi
2. Seminar on Real Estate Industry- Value additions by Internal Auditors on June 16, 2012 at Ahmedabad
3. Seminar on Real Estate Industry- Value additions by Internal Auditors on June 24, 2012 at Mumbai
4. Seminar on Not-for-Profit Organizations (NPOs)- Value Additions by Internal Auditors  on July 22, 2012 at Mumbai (hosted by WIRC of the ICAI)
5. Seminar on Data Analysis and Continuous Control Monitoring on July 20-22, 2012 at Chennai
6. National Round Table for Chief Internal Auditors on Enterprise Risk Management on August 27, 2012 at Mumbai
7. Seminar on Internal Audit and Risk Management on October 6, 2012 at Thane

2011-12

1. Two Days National Workshop on Internal Audit & Concurrent Audit on June 29-30, 2011 at Ernakulam
2. Workshop on Green Audit on July 9, 2011 at New Delhi
3. Workshop on Internal Audit on July 16, 2011 at Jalandhar
4. Seminar on Life Insurance Business on July 23, 2011 at Mumbai
5. ICAI Convention on Internal Audit on August 6, 2011 at Baroda
6. Workshop on Changing Paradigm of Internal Audit in NPO and Co-operative Sector on August 19&20, 2011 at Delhi (Jointly with Committee on NPO and Co-operative Sector
7. Three Days Workshop on Internal Audit (Jointly by Continuing Professional Education of ICAI and hosted by EIRC and Siliguri Branch of EIRC of ICAI) on November 12-14, 2011 at Darjelling
8. One Day Workshop on Internal Audit (hosted by Visakhapatnam Branch of SIRC of ICAI) on November 25, 2011 at Visakhapatnam
9. Three Days Residential Workshop on Internal Audit of Treasury Function  on November 25-27, 2011 at Centre of Excellence, Hyderabad
10. Seminar on Emerging Trends in Internal Audit (hosted by Vasai Branch of WIRC of ICAI) on December 18, 2011 at Vasai
11. National Conference on Internal Audit (hosted by WIRC of ICAI) on December 23-24, 2011 at Mumbai

2010-11

1. “National Workshop on Internal Audit and Risk Management for Public Sector Enterprises” on June 17-18, 2010, at New Delhi.
2. “Seminar on Internal Audit” on July 23, 2010, at Kanpur which was hosted by the Central India Regional Council of ICAI.
3. Two Day Conferences on Auditing “Excellence in Financial Reporting” at Kolkata on August 20 and 21, 2010 jointly with the Auditing and Assurance Standards Board, which was hosted by the Eastern India Regional Council of the ICAI.
4. “Workshop on Internal Audit” at Baroda on October 23, 24, 30 and 31, 2010 which was hosted by Baroda branch of WIRC of the ICAI.
5. “Seminar on Internal Audit” at Hyderabad on October 30, 2010 which was hosted by Hyderabad branch of SIRC of the ICAI.
6. “Seminar on Internal Audit and Risk Management” at Ludhiana on December 4, 2010 which was hosted by the Ludhiana branch of NIRC of the ICAI.
7. “Seminar on Social Audit” at New Delhi on December 8, 2010 which was hosted by the Northern India Regional Council of the ICAI.
8. “Seminar on Internal Audit of Mutual Funds” at Mumbai on December 16, 2010 which was hosted by the Western India Regional Council of the ICAI.

2009-10

1. Seminar on Internal Audit of Stock Brokers at Mumbai on March 31, 2009 at Mumbai (hosted by the WIRC of the ICAI)
2. Seminar on Internal Audit at Hyderabad on June 17, 2009 (Hosted by Hyderabad Branch of SIRC of the ICAI)
3. National Seminar on Internal Audit on June 24, 2009 at Patna (hosted by Patna Branch of CIRC of the ICAI)
4. Seminar on Internal Audit on July 11, 2009 at Dehradun (hosted by Dehradun Branch of CIRC of the ICAI)
5. Seminar on Internal Audit on July 11, 2009 at Visakhapatnam (hosted by Visakhapatnam Branch of SIRC of the ICAI)
6. Seminar on Internal Audit “Theme: Internal Audit: Tool for Management” on August 1, 2009 at Mumbai (hosted by WIRC of the ICAI)

2008-09

1. Management Development Programme on Risk Management in Public Sector at New Delhi on 19-21, November, 2008
2. All India conference on Internal Audit at New Delhi on December 6, 2008 (hosted by NIRC)
3. National Diamond Jubilee Conference on Internal Audit - Role of Internal Auditing in the Times of Economic Challenges at the Pimpri Chinchwad Branch on December 13 and 14, 2008
4. All India Conference -Winds of Change - Challenges to the Accountancy Profession at Kolkata on December 16 and 17, 2008 (jointly with the Committee for Members in Industry)
5. Management Development Programme on Risk Management in Public Sector at New Delhi on November 19-21, 2008 (organised jointly with the Committee on Insurance and Pension)
6. Conclave on Internal Audit at Mumbai on January 24, 2008

2007-08

1. Conclave on Internal Audit at New Delhi on December 5, 2007
2. All India Conference on Internal Audit “Control Environment and Good Governance- Keys to Economic Growth” at Kolkata on November 23, 24, 2007
3. Conference on Internal Audit at Patna on December 16, 2007
4. Seminar on Internal Audit at Pune on December 14, 2007
5. Seminar on Internal Audit at Nagpur on November 27, 2007
6. Conference on Internal Audit Internal Audit – A Paradigm Change- Tool for Management to Enhance Efficiency at Mumbai on December 28, 2007
7. Conclave on Internal Audit at New Delhi

2006-07

1. Seminar on “Internal Audit – Five Years after the Enron” on July 8, 2006 at Mumbai

Certificate Courses offered by the Internal Audit Standards Board

1. I.                   Certificate Course on Concurrent Audit of Banks

The Board has successfully completed Thirty Five batches of the Certificate Course on Concurrent Audit of Banks at various places.

The Board has also announced Certificate Course at various places till February, 2014 (refer link: http://www.icai.org/post.html?post_id=9611.)

1. II.                Certificate Course on Enterprise Risk Management

The Board has successfully completed four batches of the Certificate Course on Enterprise Risk Management at New Delhi, Mumbai and Hyderabad respectively.

1. III.             Certificate Course on Internal Audit

The Board has successfully completed the first batch of the Certificate Course on Internal Audit at Hyderabad.

Quarterly E-new Letter “Internal Audit and Beyond”

The Board has issued five editions of quarterly e-newsletter “Internal Audit and Beyond” to provide valuable content on best practices and topical issues within the internal auditing profession.

Webinars

The Board has, till date, conducted eleven live webcasts on internal audit and related areas: