« Top Headlines » Open DEMAT Account in 24 hrs  Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects.  ITR Filing 2025: 6 Key Reporting Changes In ITR -2 Form That Taxpayers Must Know «  Artful evasion of tax?... Now, CAs can train more article clerks... » Two new standards on internal audit April, 21st 2007 The ICAI has approved two new standards on internal audit Basic Principles of Internal Audit and Documentation in Internal Audit to help its members in enhancing the efficiency and effectiveness of the internal audit work performed by them and ready them for global acceptability.    The standard on Documentation in Internal Audit deals with some of the fundamental issues including what constitutes internal documentation, form and content of internal audit documentation, factors affecting form and content, essential features of a working paper, aspects relating to file assembly and subsequent modification to the internal audit documentation and documentation retention and access.    The standard on Basic Principles deals with the fundamental postulates of internal audit viz. integrity, objectivity and independence of internal auditor, confidentiality, docum-entation, planning and work performed by others.