Internal Audit

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Internal Audit
  • Internal Audit Definition (by ICAI): It is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
  • List of Standard on Internal Audit:
    • SIA – 1, Planning an Internal Audit
    • SIA – 2, Basic Principles Governing Internal Audit
    • SIA – 3, Documentation
    • SIA – 4, Reporting
    • SIA – 5, Sampling
    • SIA – 6, Analytical Procedures
    • SIA – 7, Quality Assurance in Internal Audit
    • SIA – 8, Terms of Internal Audit Engagement
    • SIA – 9, Communication with Management
    • SIA – 10, Internal Audit Evidence
    • SIA – 11, Consideration of Fraud in an Internal Audit
    • SIA – 12, Internal Control Evaluation
    • SIA – 13, Enterprise Risk Management
    • SIA – 14, Internal Audit in an Information Technology Environment
    • SIA – 15, Knowledge of the Entity and its Environment
    • SIA – 16, Using the Work of an Expert
    • SIA – 17, Consideration of Laws and Regulations in an Internal Audit
    • SIA – 18, Related Parties

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