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Internal Audit Standards Board (IASB or the Board)
The Internal Audit Standards Board (IASB or the Board) is one of the Non-Standing Committee of the Institute of Chartered Accountant of India (ICAI) and was constituted on February 5, 2004. The main objective of the Board is to issue Standards on Internal Audit, strengthen technical resources in the field of Internal Audit, such as Certificate Programs and Courses; disseminate best practices in the field through Seminars and events; and generally, promote the role of internal auditors in governance, risk and compliance to various stakeholders.
As part of its agenda to continue to improve the knowledge base of its members, the Board of ICAI issues Standards on Internal Audit and Implementation Guides thereof Industry Specific Technical Guides and Generic Guides:
(i) Implementation Guide: Best practices, methodologies or approach on how best to apply internal audit procedures in order to achieve the objectives of the SIA.
(ii) Technical Guide: technical or operational uniqueness of the industry and how best to apply SIAs in that industry, internal control, risk and risk control matrix, internal audit checklist.
(iii) Generic Guide: provide guidance to the members on internal audit and related areas.
The Implementation, Technical and Generic Guides are recommendatory in nature.
Till date, the Board has issued publications which are available at the following link: https://icai.org/new_post.html?post_id=6623&c_id=357.
Key Components
Certain key component of a Technical Guide is as follows:
· General overview of the chosen industry (such as size, key players, market dynamics etc.) and their business impact;
· Certain Technical and Operational aspects of the industry (such as the business models, value chain, etc), and its relevance for Internal Auditors;
· Unique aspects of the Industry (e.g., technology, security, seasonality, etc.) and their impact on Risk Management, especially from an Internal Audit perspective;
· Risk mitigation and Internal Control initiatives to improve governance and compliance.
· Finer nuances of internal audit strategy, audit approach, procedures, etc.
STUDY GROUP OF EXPERTS
In this regard, the IASB is constantly seeking out experts in the Industry, especially Senior Management (CFO/CRO/Chief of Internal Audit), with the objective of establishing a Study Group of Experts who can conduct research and draft the required guidance material to be used by the Internal Auditors who can conduct high quality audits in that industry.
As part of its agenda to continue to improve the knowledge base of its members, the Board of ICAI issues Standards on Internal Audit and Implementation Guides thereof Industry Specific Technical Guides and Generic Guides:
(i) Implementation Guide: Best practices, methodologies or approach on how best to apply internal audit procedures in order to achieve the objectives of the SIA.
(ii) Technical Guide: technical or operational uniqueness of the industry and how best to apply SIAs in that industry, internal control, risk and risk control matrix, internal audit checklist.
(iii) Generic Guide: provide guidance to the members on internal audit and related areas.
The Implementation, Technical and Generic Guides are recommendatory in nature.
Till date, the Board has issued publications which are available at the following link: https://icai.org/new_post.html?post_id=6623&c_id=357.
Key Components
Certain key component of a Technical Guide is as follows:
· General overview of the chosen industry (such as size, key players, market dynamics etc.) and their business impact;
· Certain Technical and Operational aspects of the industry (such as the business models, value chain, etc), and its relevance for Internal Auditors;
· Unique aspects of the Industry (e.g., technology, security, seasonality, etc.) and their impact on Risk Management, especially from an Internal Audit perspective;
· Risk mitigation and Internal Control initiatives to improve governance and compliance.
· Finer nuances of internal audit strategy, audit approach, procedures, etc.
STUDY GROUP OF EXPERTS
In this regard, the IASB is constantly seeking out experts in the Industry, especially Senior Management (CFO/CRO/Chief of Internal Audit), with the objective of establishing a Study Group of Experts who can conduct research and draft the required guidance material to be used by the Internal Auditors who can conduct high quality audits in that industry.