The Internal Audit Standards Board is one of the non-standing technical Boards of the Institute and was constituted on February 5, 2004. The mission of the Internal Audit Standards Board is to reinforce the primacy of the Institute of Chartered Accountants of India as a promoter, source and purveyor of knowledge relating to internal audit and other aspects related to it in the society. The Committee was renamed as “Internal Audit Standards Board” in November 2008.
The Board is working relentlessly to bring out high quality technical literature in the form of Standards on Internal Audit and Technical Guides/ Studies/ Manuals, which constitute an important tool in helping the internal auditors to provide effective and efficient internal audit services to the clients and/ or employers.
The Board also formulates industry specific guidelines as well as general guidelines on internal audit. The basic objective of these Technical Guides is to help the members as well as other readers in understanding the basic operations undertaken in the relevant industry.
In order to develop internal audit as one of the core competence area of the members and to update their skills in various contemporary issues related to internal audit, the Board organizes conferences, seminars, training programmes, workshops on internal audit in various parts of the country.
The Board organizes Certificate Course on “Enterprise Risk Management”, Certificate Course on “Internal Audit” and Certificate Course on “Concurrent Audit of Banks” in various parts of the country.
The Board through its quarterly e-newsletter “Internal Audit and Beyond” aims to update its members on latest thinking and developments in the field of internal audit, internal control and risk management.
The Board undertakes research in the field of internal audit and risk management.
Terms of Reference
Terms of Reference
To review existing and emerging internal audit practices worldwide and identify areas in which Standards on Internal Audit (SIAs) need to be developed.
to formulate Standards on Internal Audit (SIAs) which may be issued under the authority of the Council of the Institute.
to formulate Guidance Notes on issues relating to internal audit, including those arising from the SIAs, or pertaining to any specific industry, which may be issued under the authority of the Council of the Institute.
to continuously review the existing Standards and Guidance Note on Internal Audit and to undertake their revision, if necessary.
to formulate and review Implementation Guides, Technical Guides, Practice Manuals, Studies and other papers, which may be issued under its own authority for guidance of the members, as felt appropriate by the Board.
To undertake research and promote knowledge dissemination in the field of internal audit.
to organize conferences, seminars, training programmes, workshops, webinars, e-learning programs, surveys, etc. on the topics related to internal audit, including risk management and governance.
to conduct Certificate Courses/Diploma Courses, etc. on topics related to internal audit.