ICAI issues new standards for internal checks in firms

ICAI issued four new standards to help companies streamline internal audits for minimising pilferage, ensuring cost efficiency and mitigating waste. This will standardise the process of internal checks in companies, and “companies can now expect that professionals engaged in internal audits will be rendering services of such standards as being issued by the institute,” ICAI president Ved Jain said. The institute has already issued three standards for internal audit. Management appoints chartered accountants to conduct such checks for detecting the anomalies in the management system through internal audit.