The Council of the Institute of Cost Accountants of India has constituted the Internal Auditing and Assurance Standards Board (IAASB) in the year 2019, entrusting the responsibility to formulate and issue standards and develop guidance notes to provide the right guidance to the members of the Institute to discharge their duties as Internal Auditors and to further improve their professional approach to providing an effective internal audit service.
As per Section 138(1) of the Companies Act, 2013, companies fulfilling certain criteria are required to appoint an internal auditor and further Section 138(1) empowers Cost Accountants to conduct internal audit of the functions and activities of the company. Keeping this in mind and in line with the regulatory recognition of practicing Cost Accountants under Section 138(1) of Companies Act, 2013 to be appointed as Internal Auditors, the Council as a hall mark in the history of the Institute, has constituted the Board of formulate and issue standards, guidance notes, guidelines and advisory for the Internal Audit activities. Click here to view IAASB member