ICAI Releases Handbook Giving Technical Guide on Risk-Based Internal Audit

ICAI Releases Handbook Giving Technical Guide on Risk-Based Internal Audit

The Institute of Chartered Accountants of India (ICAI) has issued a significant handbook titled “Technical Guide on Risk-Based Internal Audit”.

The ICAI published the first edition of this handbook in November 2007 and the second version in March 2026. The new edition has been revised keeping in mind the changing business environment, new technologies such as artificial intelligence and data analytics, and increasing global risks.

The main objective of this handbook is to guide internal auditors on Risk-Based Internal Audits (RBIA). This handbook provides a detailed description of the basic concepts of risk, the process of risk management, and the role of the internal auditor.

Along with these objectives, this guide also explains how risks are identified and assessed and, based on that, how audit planning and execution are done. It also explains in detail the process of creating an audit universe, reporting, and documentation.

Additionally, this handbook contains various annexures and practical examples, such as a risk heat map, a risk maturity model, and an audit format, which makes it more useful. Consequently, this Handbook is an important guide for internal auditors, helping them strengthen risk management and governance in the organisation.