Essential Reading

Internal Audit is now a key element of organisational governance and plays a critical role in protecting and enhancing organisational value.

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In February 2000, SEBI introduced Clause 49 for listed companies which, inter alia, established  the Audit Committee and laid down its relationship with the internal audit function. The Companies Act, 2013, now mandatorily requires the appointment of an Internal Auditor by the Board for specified companies. This provision has expanded the requirement to cover a much larger number of other public and private companies.

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The handbook can be used as a primer on Internal Audit.  It covers the fundamentals of internal audit and discusses the internal audit processes, tools, and techniques used by internal auditors and the statutory provisions relating to internal audit. It also includes guidance on the role of internal audit in areas such as governance, enterprise risk management, internal financial controls, and fraud. The handbook provides functional understanding of the subject and is an effective tool for directors even with no background of audit.

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The Handbook on Internal Audit will benefit the directors and the board by helping them understand the practice of internal auditing and how it can play an effective role in an organisation. The book should also assist the internal auditors to discharge their duties and responsibilities.