In today’s Indian business environment—where regulatory scrutiny, digital transformation, and global uncertainties intersect—internal audit is no longer a checklist-driven exercise. It has evolved into a strategic function. This is precisely where SIA 330: Risk-Based Internal Audit, issued by the Institute of Chartered Accountants of India, becomes critical. SIA 330 shifts the internal audit approach from routine verification to risk-focused evaluation, ensuring that audi

SIA 310 is fundamentally about designing an audit that mirrors the DNA of the business. It recognises a critical reality that every business carries risk differently. Therefore, SIA 310 requires that internal audit planning must begin with one core principle: “Understand how this specific business creates, handles, and potentially loses value.” Only after this understanding should the audit plan be built. The Core Concept of SIA 310 SIA 310 introduces a risk-based, business