Significant Achievements of the Internal Audit Standards Board, ICAI
(during the period from February 2016 to till date)
1. Technical Literature
Manual on Concurrent Audit of Banks (2016 Edition)
The Internal Audit Standards Board has recently issued Manual on Concurrent Audit of Banks (2016 edition) which has been prepared based on revised concurrent audit guidelines issued by the RBI in 2015. Apart from taking impact of above-mentioned circular and all other related new circulars/ directions issued by the RBI, the revised Manual also includes thoroughly updated checklist for concurrent audit. This publication is available on link: http://resource.cdn.icai.org/
Technical Guide on Internal Audit of Automobile Industry
The Board has released Technical Guide on Internal Audit of Automobile Industry. This guide provides an insight into the specific aspects concerning internal audit of the automobile industry from the point of view of Original Equipment Manufacturers (OEM). This guide provides a brief overview of industry and regulatory framework applicable to the industry. It deals with the specific key areas for audit review related to revenue recognition and inventory valuations pertaining to automobile industry.
Note on Review of Demonetisation Activity by Chartered Accountants in Banks
The Board has released Note on Review of Demonetisation Activity by Chartered Accountants in Banks for providing guidance to members who are carrying out review of demonetization activity in banks. This note is available on link: http://resource.cdn.icai.org/
Internal Audit Checklist
The Board has immense pleasure in placing before the members this publication on Internal Audit Checklist. It would serve as a simple step–wise guide intended to help internal auditors to effectively conduct the internal audit process. This checklist is illustrative in nature and the internal audit team should review and update it on basis of systems and procedures of the organisations.
Knowledge Booklet IV: Quality Internal Audit Reports
The Board has come out with Knowledge Booklet IV “Quality Internal Audit Reports”. This easy-to-read booklet is available on Institute’s website for free download at link: http://resource.cdn.icai.org/
The purpose of this knowledge booklet is to highlight the important aspects of quality internal audit reporting. The booklet emphasizes importance of ability to communicate results in a way that will best assure their acceptance and active support in the organisation.
Technical literature issued by the Board is available on link: http://www.icai.org/new_post.
2. Webinars on Internal Audit, Risk Management and Internal Control
The Internal Audit Standards Board has conducted following webinars:
These webinars are available on link: http://www.icai.org/post.html?
International Conference of Internal Auditors in USA: Chairman, IASB and Vice Chairman, IASB, on behalf of ICAI had attended IIA’s 2016 International Conference held on July 17-20, 2016 at New York City, USA. The occasion provided an opportunity to our Institute to network and exchange information on practice of internal auditing in the larger interest of the profession.
4. Certificate Course on Concurrent Audit of Banks
The Board conducts Certificate Course on Concurrent Audit of Banks. The purpose of the Certificate Course on Concurrent Audit of Banks is to provide an opportunity to the members to understand the intricacies of concurrent audit of banks thereby improving the effectiveness of concurrent audit system in banks, and also the quality and coverage of concurrent audit reports.
The Board has, till date, conducted 282 batches of the Certificate Course on Concurrent Audit of Banks at various places in the country and more than 14400 members have successfully qualified this Certificate Course.
Further, the Board has conducted 60 batches of the Certificate Course on Concurrent Audit of Banks at various places in the country during the period from February 2016 to till date and more than 2800 members have qualified this Certificate Course.
During the year 2016-17, the Board has successfully completed around sixty batches of the Certificate Course on Concurrent Audit of Banks, organized at Kanpur, Bangalore, Hyderabad, Solapur, Chennai, Kolkata, Himachal Pradesh, Ernakulam, Pimpri Chinchwad, Nashik, Rewari, Tinusukia, Surat, Pune, Karimnagar, Indore, Ujjain, Alleppey, Jaipur, Ahmedabad, Bhubaneswar, Bhuj, Ghaziabad, Guntur, Sirsa, New Delhi, Coimbatore, Agra, Bhopal, Jodhpur, Kalyan Dombivali, Kakinada, Jammu and Kashmir, Kolkata and Lucknow, Rajkot and Surat, Meerut, Moradabad, Vasai, Ahmedabad, Bangalore Salem, Jalgaon, Thane, Nagpur and Aurangabad.
Further details of the course is available on link: http://www.icai.org/post.html?
5. CPE Programs
With a view to create awareness about the latest development in the field of internal audit, the Board also organizes seminars, conferences, workshops, etc. in association with the Regional Councils and their branches.
The Board has organized following programs during the year:
Revision of Definition of Internal Audit and Internal Control
The Board, at its last 69th meeting held on November 22, 2016, considered proposal to revise definition of Internal Audit and Internal Control and decided to constitute study group for the same based at Delhi, Mumbai, Pune and Hyderabad. Two meetings of Pune based Study Group have been held on January 17, 2017 and January 25, 2017, respectively.
Uniform Reporting Format for Concurrent Audit for Banks
The Internal Audit Standards Board has decided to prepare Uniform Reporting Format for Concurrent Audit for all banks across the country and constituted study group for the same based at Mumbai. First Meeting of Study Group has been held on January 23, 2017.
Survey on Internal Audit
The Board decided to constitute Study Groups on Survey on Internal Audit based at Delhi, Mumbai and Chennai which would help to gain insights on the current state of internal audit in the country.
Other projects of the Board in progress are as follows:
Chairman, Internal Audit Standards Board
Vice-Chairman, Internal Audit Standards Board
The Institute of Chartered Accountants of India
A-29, Sector 62, Noida
Phone no.: 0120-3045995