ICAI Proposes Mandatory Internal Audit Standards: Seeks Public Feedback by Oct 23

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Summary (50 words): The Institute of Chartered Accountants of India (ICAI) has released exposure drafts for a new set of mandatory Standards on Internal Audit (SIAs) and Quality Standards (QSIAs). Aimed at enhancing audit quality and governance, the drafts are open for public comment until October 23, 2025, via ICAI’s official channels.

ICAI Moves to Standardize Internal Audits: Draft SIAs and QSIAs Open for Comments

In a significant step toward strengthening corporate governance and audit transparency, the Institute of Chartered Accountants of India (ICAI) has proposed a comprehensive framework of mandatory Standards on Internal Audit (SIAs) and Quality Standards on Internal Audit (QSIAs). The move is part of ICAI’s broader effort to bring uniformity, accountability, and peer-reviewed quality to internal audit practices across sectors.

Key Highlights of the Proposal:

Scope of the Draft Standards

The exposure drafts include a Preface to the Standards on Internal Audit, QSIA 1 (Internal Audit Quality Aspects), and QSIA 2 (Peer Review and Third-Party Assessment).

The draft also introduces Series 100, covering core concepts and principles, and SIA 110 and 120, which define basic principles and internal control frameworks.

Mandatory Compliance Framework

ICAI proposes that these standards become mandatory for all practicing internal auditors, ensuring consistency and quality across engagements.

The framework includes peer review mechanisms and third-party assessments to uphold audit integrity.

Public Consultation Timeline

Stakeholders—including chartered accountants, corporates, regulators, and audit committees—are invited to submit feedback by October 23, 2025.

Comments can be submitted via ICAI’s official website or through email to the Internal Audit Standards Board.

Strategic Objectives

The initiative aims to enhance stakeholder confidence, reduce audit risk, and align Indian practices with global benchmarks.

It also supports ICAI’s mission to strengthen the profession’s credibility and promote ethical conduct.

Industry Implications

If adopted, the standards will impact listed companies, large private entities, and public sector undertakings, requiring them to reassess their internal audit frameworks.

The move is expected to elevate the role of internal auditors from compliance checkers to strategic advisors.

This proposal marks a pivotal moment in India’s audit reform journey, signaling ICAI’s commitment to raising the bar for internal audit excellence.

Sources: CAClubIndia, ICAI Official Website

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