ICAI issues exposure draft on Standards of Internal Audit

The ICAI issued an exposure draft of Standards on Internal Audit, inviting comments until October. These proposed standards aim to enhance the framework for conducting internal audits, improve consistency, and ensure higher quality in assurance practices. The draft covers auditor responsibilities, scope, and reporting requirements, ensuring alignment with global best practices. This step highlights ICAI’s proactive role in updating professional standards to meet evolving business complexities. The consultation process provides stakeholders an opportunity to shape audit practices, thereby strengthening governance and transparency in corporate India.