Tutorial-1 Are there any standards on internal auditing ?

Whether you are a professional or a  member of the organisation involved in internal controls. These tutorials will be more than helpful for you. So, let's embark on this journey with us, as we will take you to the virtual tour of the standards prescribed by the Institute of chartered  Accountants of India (ICIA). 

Let's begin first things first -

Standard-1 Planning an Internal Audit:-

The basic objective of this SIA is to establish standards and provide guidance in respect of planning an Internal Audit and helping in achieving the objectives of an Internal Audit function. Adequate planning ensures that appropriate attention is devoted to significant areas of audit, potential problems are identified and that the skills and time of the staff are appropriately utilised.

Knowledge of entity’s business helps to identify areas of special focus and priorities for the smooth running of business. Ideally, such knowledge can be obtained from following resources:

· Past experience
· Understanding basic documents e.g. MOA, AOA, minutes of various meetings, etc.
· Discussion with staff and management 
· Policy and Procedure’s Manual
· Visit to entity’s Plant and Accounts department

The internal auditor should, in consultation with TCWG including the audit committee, develop and document a plan for each internal audit engagement to help him conduct the engagement in an efficient and timely manner. He should also assess the client expectations as to the assurance level on a different aspect of entity’s operations and controls.