CA, CS, CMA : This explains how internal audit focuses on ongoing risk prevention while forensic accounting investigates suspected fraud. The ke...
Company Law : Learn which companies must appoint internal auditors under Section 138, the eligibility criteria, and the statutory compliance ste...
CA, CS, CMA : Discover how internal auditors use financial management concepts like inventory, cash, and capital management to assess efficiency...
CA, CS, CMA : A practical guide to integrating AI into internal auditing, covering its applications in risk assessment, fieldwork, reporting, an...
CA, CS, CMA : Explore how cost accounting methods enhance internal audit through variance analysis, marginal costing, CVP, and risk-based auditi...
CA, CS, CMA : A public sector bank has invited quotations to appoint external auditors for reviewing its internal audit and compliance functions...
CA, CS, CMA : Discover the latest developments in the engagement of CA firms by PSBs. Explore changes in concurrent audit policies, RBI directiv...
CA, CS, CMA : Proposed amendments to Section 138 of Companies Act, 2013 by ICSI. Understand why Company Secretaries are equipped to conduct inte...
CA, CS, CMA : Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners has taken the loan from any branch of ...
CA, CS, CMA : The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Sta...
Company Law : The issue involved non-compliance with mandatory internal auditor appointment requirements. The authority imposed penalties as the...
Company Law : ROC Mumbai held that once delay in appointing an Internal Auditor was compounded by the Regional Director and default rectified, n...
Company Law : ROC Chennai held that listed companies must appoint an internal auditor under Section 138. Non-compliance over multiple years resu...
Company Law : The adjudicating authority held that non-appointment of an internal auditor despite crossing the statutory turnover threshold viol...
Company Law : The appeal was dismissed as no documentary evidence of internal auditor appointment was produced. The key takeaway is that statuto...
Standard on Internal Audit (SIA) 11 Consideration of Fraud in an Internal Audit The following is the text of the Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface […]
The following is the text of the Standard on Internal Audit (SIA) 9, Communication with Management, issued by the Council of the Institute of Chartered Accountants of India.. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the […]
The following is the text of the Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision […]
The following is the text of the Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision […]
The following is the text of the Standard on Internal Audit (SIA) 6, Analytical Procedures, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the Council […]
The following is the text of the Standard on Internal Audit (SIA) 5, Sampling, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the Council of […]
The following is the text of the Standard on Internal Audit (SIA) 4, Reporting, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the Council of […]
Internal Audit Documentation refers to the written record (electronic or otherwise) of the internal audit procedures performed, the relevant audit evidence obtained and conclusions reached by the Internal Auditor on the basis of such procedures and evidence (Terms such as work papers or working papers are also used to refer documentation).
Internal Audit Evidence refers to all the information used by the Internal Auditor in arriving at the conclusions on which the auditor’s opinion is based. It includes both information collected from underlying entity records and processes, as well as information from the performance of various audit activities and testing procedures.
This Standard on Internal Audit (SIA) 310, Planning the Internal Audit Assignment, issued by the Council of ICAI should be read in conjunction with Preface to the Standards on Internal Audit, “Framework Governing Internal Audits and Basic Principles of Internal Audit issued by the Institute.
