ICAI releases Draft of Framework Governing Internal Audit [Read Draft]

ICAI - CA Exam

The Institute of Chartered Accountants of India (ICAI) released the draft of Framework Governing Internal Audits prepared by the Internal Audit Standards Board.

The framework provides the required clarity on key components of the audit activity and helps aggregate all aspects of the internal audit process in a cohesive manner thereby ensuring standardisation of key requirements governing internal audit assignments.

The overall objective of the Framework is to promote professionalism in the conduct of an internal audit assignment by the internal auditor and to ensure basic minimum standards of quality worthy of the qualification of the internal auditor and to promote the credibility of the internal audit report issued.

The Institute invited comments from its members on the proposed revision to the Preface to the Framework and Standards on Internal Audit.

“Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording,” the Institute said.

Comments can be e-mailed at cia@icai.in; iasb.program@icai.in. Last date for sending comments is January 17, 2018.

Subscribe Taxscan Premium to view the Judgment
taxscan-loader