Board of Internal Audit and Management Accounting
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Press Release

Standard on Internal Audit “Planning an Internal Audit”

The Council of the Institute of Chartered Accountants of India at its 259th meeting held on May 3, 2006 at New Delhi, approved the first ever Standard on Internal Audit titled Planning an Internal Audit. The Standard has been developed by the Committee on Internal Audit. The Council had in 2004 constituted the Committee on Internal Audit with the primary objective of reinforcing the primacy of the Institute in the area of internal audit. The basic objective of the Committee on Internal Audit is to develop Standards and Guidance Notes on Internal Audit. This Standard developed by the Committee aims to codify the best practices in the area of planning an internal audit. The Standard provides basic principles as well as the detailed guidance in relation to planning an internal audit, viz., objectives of planning, factors affecting the planning process, scope of planning, planning process – obtaining knowledge of the business, establishing the audit universe, establishing the objectives of the engagement, establishing the scope of the engagement, deciding the resource allocation, preparation of the audit programme.
The Standard would be effective for all internal audits carried on or after April 1, 2007. The Standard is being given final shape by the Office and would be available shortly.