ICAI Invites Public Comments on Exposure Drafts of Standards on Internal Audit (SIAs)

The Internal Audit Standards Board (IASB) of the Institute of Chartered Accountants of India (ICAI) issues an “Invitation of Comments on Exposure Drafts of Standards on Internal Audit (SIAs)”.

IASB is the body responsible for formulating, issuing, and maintaining Standards on Internal Audit (SIAs) in India.

ICAI invites public feedback on the following exposure drafts of Standards on Internal Audit (SIAs):

• Exposure Draft of Preface to the Standards on Internal Audit

Quality Standards on Internal Audit

• Exposure Draft of QSIA 1, Internal Audit Quality Aspects
• Exposure Draft of QSIA 2, Peer Review and Third-Party Assessment

Series 100: Core Concepts and principles

• Exposure Draft of SIA 110, Basic principles of Internal Audit
• Exposure Draft of SIA 120, Terms of Internal Audit Engagement
• Exposure Draft of SIA 130, Managing the Internal Audit Function
• Exposure Draft of SIA 140, Internal Controls
• Exposure Draft of SIA 150, Risk Management
• Exposure Draft of SIA 160, Compliance with Laws and Regulations

Section 200: Audit Execution

• Exposure Draft of SIA 210, Knowledge of the Entity and its Environment
• Exposure Draft of SIA 220, Internal Audit Planning
• Exposure Draft of SIA 230, Internal Audit Evidence
• Exposure Draft of SIA 240, Use of Tools
• Exposure Draft of SIA 250, Internal Audit Documentation
• Exposure Draft of SIA 260, Review and Supervision of Audit Assignments
• Exposure Draft of SIA 270, Experts and Third-Party Engagement
• Exposure Draft of SIA 280, Fraud and Irregularities
• Exposure Draft of SIA 290, Communication with Management and Those Charged with Governance

Series 300: Internal Audit Reporting

• Exposure Draft of SIA 310, Reporting and Conformance with standards on Internal Audit
• Exposure Draft of SIA 320, Presentation of Internal Audit Reports
• Exposure Draft of SIA 330, Issuing Assurance Reports
• Exposure Draft of SIA 340, Special Purpose Reports

ICAI further added that it would be helpful if they mention the relevant paragraph number, a clear rationale and, where applicable, also provided a suggestion for alternative wording as well.

Note: The last date for submitting the feedback is October 23, 2025.