ICAI News – The Internal Audit Standards Board (IASB) of the Institute of Chartered Accountants of India (ICAI) has issued an Invitation of Comments on Exposure Drafts of Standards on Internal Audit (SIAs), seeking feedback from professionals, firms, corporate bodies, scholars, and other stakeholders.
What are these Exposure Drafts?
The drafts include:
- Preface to Standards on Internal Audit
- Quality Standards on Internal Audit (QSIA 1 & QSIA 2)
- Multiple Standards on Internal Audit (SIA), such as:
- SIA 110 – Basic Principles
- SIA 120 – Terms of Engagement
- SIA 130 – Managing Internal Audit
- SIA 140 – Internal Controls
- SIA 150 – Risk Management, and more.
ICAI’s latest standards are meant to bring order to audits, make them more consistent, and improve their quality.
Why It Matters
- When finalized, these SIAs may become a must-follow for all internal audit work in India.
- They are meant to bring order, honesty, and proper professionalism to internal audits.
- This will affect everyone involved – auditors, committees, regulators, and business managers alike.
Deadline & How to Submit Comments
- The last date to submit comments is October 23, 2025.
- Your feedback works best if you refer to the exact section, give your reason, and even suggest a change.
- Comments are accepted via the online link provided in the exposure draft notices.
What You Might Want to Ask / Know
Ques. 1. Will these standards be mandatory?
Ans. The drafts propose making SIAs mandatory in future.
Ques. 2. What existing SIAs are affected?
Ans. Some existing recommendatory SIAs will be superseded or replaced.
Ques. 3. How will comments influence final standards?
Ans. The Board will review feedback, revise drafts if needed, and then seek approval by the ICAI Council.
ICAI has opened the doors for public comments on its new audit standards – a move that could reshape the way audits are done in India.
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