CA, CS, CMA : Asset tagging helps simplify physical verification, strengthens internal controls, improves Fixed Asset Register accuracy, and enh...
CA, CS, CMA : The article highlights emerging sectors where Chartered Accountants can build specialised careers beyond traditional audit and tax...
CA, CS, CMA : Chartered accountancy demands far more than technical expertise, requiring professionals to manage clients, deadlines, teams, and ...
CA, CS, CMA : Artificial Intelligence is transforming the tax profession by streamlining research, drafting, and compliance processes. The key t...
CA, CS, CMA : GST disputes are increasing, creating substantial opportunities for Chartered Accountants in audits, adjudication, appeals, and ta...
CA, CS, CMA : ICAI has categorically rejected social media claims of a data breach, confirming that no members', students', or examination recor...
CA, CS, CMA : ICAI Warns CAs Against Extremely Low Fee Quotes in Tenders; Matter May Be Referred for Disciplinary Action The Professional Develo...
CA, CS, CMA : ICAI has launched a fully integrated PRB Web Portal, making online submission mandatory for all new peer review applications from ...
CA, CS, CMA : ICAI has partnered with Sarvam AI to promote AI adoption, digital upskilling, and professional learning for Chartered Accountants....
CA, CS, CMA : ICAI has announced 'Success at CA Exam' sessions for CA Foundation September 2026 students. The sessions will provide subject-wise...
Income Tax : The ITAT Chennai ruled that funds received by a Chartered Accountant for remitting clients' taxes could not be treated as unexplai...
Goods and Services Tax : The Telangana High Court granted anticipatory bail to a Chartered Accountant accused in a share transfer fraud case, observing tha...
CA, CS, CMA : The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened with...
Corporate Law : The case examined whether the accused could disprove liability under Section 138. The court upheld conviction as the presumption r...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
CA, CS, CMA : ICAI has proposed revised minimum stipend rates for articled assistants based on city population while inviting stakeholder feedba...
CA, CS, CMA : KSCAA has urged the Government to extend the GSTAT appeal filing deadline by three months, citing technical glitches, procedural a...
CA, CS, CMA : ICAI notifies removal of 12 chartered accountants from membership rolls, with suspension periods, fines, and reprimands in select ...
CA, CS, CMA : ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
SIA 210 mandates internal auditors acquire detailed knowledge of the entity’s environment, operations, and risks. This knowledge is crucial for effective audit planning, procedure design, and risk identification.
ICAI SIA 160 outlines internal auditor responsibilities for assessing compliance frameworks, identifying gaps, and reporting non-compliance, while management retains ultimate responsibility.
SIA 150 clarifies management and internal auditor roles in risk management. It defines the framework, steps, and requirements for auditors to assess and provide assurance on the effectiveness of organizational risk processes.
SIA 140 defines Internal Controls and clarifies management’s and the Internal Auditor’s responsibilities for their design, implementation, and assessment, covering financial, operational, and compliance risks.
SIA 130 mandates that the Chief Internal Auditor establish a documented Internal Audit Process and a formal Quality Assessment and Improvement Program (QAIP). This ensures that internal audits are conducted systematically, resources are adequately skilled, and objectives are met in conformance with ICAI Standards.
SIA 120 requires internal audit terms to be formalized in a Charter (in-house) or Engagement Letter (outsourced). This ensures clear scope, authority, deliverables, and the nature of assurance provided.
ICAI’s SIA 110 establishes 10 Basic Principles for all internal audits, focusing on credibility (Independence, Integrity, Competence) and performance (Risk-Based Audit, Due Care). Adherence and documentation are mandatory.
QSIA 2 mandates independent Peer Review (often regulatory) and Third-Party Assessments (voluntary) of internal audit functions to ensure compliance with ICAI Standards, ethical practices, and continuous quality improvement.
New Standard prescribes a Quality Assurance and Improvement Program (QAIP) for internal audits, mandating internal/external reviews, continuous team improvement, adherence to ethical standards, and a minimum seven-year documentation retention period.
The ICAI’s Preface defines Internal Audit as providing assurance on internal controls and risk management processes to enhance governance. It establishes the IASB’s functions, including formulating and reviewing SIAs, and emphasizes that compliance with these Standards will be mandatory in a phased manner for all members.
