ICAI Issues Exposure Draft of Standards on Internal Audit, Invites Comments Until 23rd October

The Institute of Chartered Accountants of India (ICAI), through its Internal Audit Standards Board (IASB), has issued a series of Exposure Drafts of Standards on internal audits.

These include the Preface to Standards on Internal Audit, the Quality Standards on Internal Audit (QSIA 1 and QSIA 2), and the Standards on Internal Audit (SIA 110- Basic Principles, SIA 120-Terms of Engagement, and SIA 130- Managing the Internal Audit Function). Together, these drafts propose a comprehensive, principle-based structure designed to enhance governance, accountability, and the quality of internal audits.

The contents include, Internal Audit Standards Board, Definition of Internal Audit, Framework Governing Internal Audits, Code of Ethics, Mandatory Nature of Framework and Standards, Standard Setting Process, Contents of the Standards, Guidance, Effective Date, Annexure 1: Details of the Standard Setting Process and Annexure 2: List of Stakeholders for Inputs on Exposure Drafts

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ICAI has invited stakeholders, including members, regulators, industry bodies..etc. to provide comments on these Exposure Drafts. The suggestions with clear rationale and paragraph references can be submitted through the online link given below.

The deadline to submit suggestions is October 23, 2025. When these Standards are established, they should become mandatory on a date that the ICAI Council notifies the public, resulting in an improved and internationally standardized internal auditing system.

Comments can be submitted at link: https://forms.gle/dgBLTPBdPWJiC9SaA

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