Terms of Reference

Internal Audit Standards Board

Mission

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 so as to enable its members to provide more effective and efficient value added services related to this field to the Industry and others and help the latter to systematise and strengthen their governance process by systematising and strengthening their control and risk management process.

Objectives

1 1.1     to review the existing internal audit practices in India.

1.2      to develop Standards on Internal Audit (SIAs) to be issued under the  authority of the Council of the Institute.

While formulating these Standards, the Committee shall take into consideration the applicable laws, customs, usages and business environment in the country.

1.3     to develop Guidance Notes on the issues relating to internal audit, including those arising from the SIAs, to be issued under the authority of the Council of the Institute.

1.4     to issue Clarifications on the issues arising from the SIAs, to be issued under the authority of the Council of the Institute.

1.5     to develop studies, reports, etc., on issues arising from SIAs, to be issued under the authority of either the Council of the Institute or of the Committee.

2.1      to undertake research in the field of internal audit.

2.2      to organise/ provide technical assistance in, conferences, workshops etc., on the topics related to internal audit organised by the Institute.