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.
ICAI allows a last chance to submit MEF 2025–26 on 16th and 17th October 2025 through meficai.org for members who missed earlier deadlines.
New GST reforms in Goa will reduce costs by 6-11% on tourism, transport, and food, boosting affordability for 2.5 lakh workers and enhancing competitiveness across sectors.
GST reduced to on Mizo Bird’s Eye Chilli, ginger, turmeric, passion fruit products, bamboo crafts, and mid-range hotels, aiming to enhance economic competitiveness and rural livelihoods in Mizoram.
Ministry of Labour launches EPF Enrolment Campaign 2025 (Nov 2025 – Apr 2026) to expand social security. Employers can regularize records with waived employee contributions and reduced penalty.
