SIA 370 covers the internal audit report on a significant assignment. The report shares all significant findings, lets management take corrective action in an orderly way, gives a sound basis for any assurance, and shows those charged with governance how well controls and risk management are working.
This page covers SIA 370 as it stands in ICAI’s October 2022 compendium. ICAI’s February 2026 compendium, applicable from 1 April 2026, renumbers the standards, so check the current number and text in that compendium before citing it in a report.
Paragraph numbers refer to SIA 370 as it appears in ICAI’s Compendium of Standards on Internal Audit (as on 1 October 2022). The points below are close paraphrases, not quotations.
The file checklist and the mistakes above are practice points drawn from the requirements of the standard. They are not text from the standard.
The IIA's Global Internal Audit Standards (effective 9 January 2025) are a separate set from a different body, and there is no paragraph-for-paragraph match. The closest IIA principle is Communicate Engagement Results and Monitor Action Plans. The familiar five-part observation structure of condition, criteria, cause, effect and recommendation comes from the IIA's report-writing guidance, not from SIA 370.
This standard is described here as it stands in the October 2022 compendium, which is the earlier set. ICAI's Internal Audit Standards Board lists its Compendium of Standards on Internal Audit (as on February 2026) as applicable from 1 April 2026 (source: the Board's compendium page, checked on 1 October 2026). That compendium renumbers the standards, so check the current number and text there before citing this standard in a report. ICAI's compendium page does not say whether the standards are mandatory or recommendatory, so we do not describe any standard as mandatory. The effective-date clause in each 2019 standard said it applied to internal audits beginning on or after a date to be notified by the Council of ICAI.
These pages summarise each standard as it stands in ICAI's Compendium of Standards on Internal Audit (as on 1 October 2022), working from an extract of that document. They are summaries and close paraphrases, not the text of the standards. ICAI's Internal Audit Standards Board lists its Compendium of Standards on Internal Audit (as on February 2026) as applicable from 1 April 2026 (source: the Board's compendium page, checked on 1 October 2026). For that current set we have only the titles, taken from the Board's 2025-26 annual report; its text is available from ICAI through a registration form on the compendium page and is not summarised here. ICAI's compendium page does not say whether the standards are mandatory or recommendatory, so we do not describe any standard as mandatory. Before you cite a number, a paragraph or a status in a report, check the February 2026 compendium. internalaudit.icai.org
Editable formats and tools from CORAA’s internal audit library that put SIA 370 into practice. Free to use.
SIA 370, Reporting Results, is a Standard on Internal Audit issued by the Internal Audit Standards Board of ICAI. SIA 370 covers the internal audit report on a significant assignment. The report shares all significant findings, lets management take corrective action in an orderly way, gives a sound basis for any assurance, and shows those charged with governance how well controls and risk management are working.
SIA 370 does not prescribe one. Para 4.3 says the standard does not mandate a format or a list of contents. What it does require, in para 3.1, is five elements: an overview of objectives, scope and approach; a statement of conformance with the Standards on Internal Audit, only if it can be substantiated; an executive summary of key observations; a summary of corrective actions required or agreed for each observation; and the nature of assurance, if any. Para 3.3 adds that a written draft must be shared with the auditee before the final report.
SIA 370 para 1.2 describes a periodic comprehensive report of all internal audit activity from the Chief Internal Auditor to the Audit Committee, and says it is normally done on a quarterly basis. This is in addition to the report on each assignment that goes to the auditee and management.
ICAI's compendium page does not say whether the Standards on Internal Audit are mandatory or recommendatory, so we do not describe SIA 370 as mandatory. ICAI's Internal Audit Standards Board lists its Compendium of Standards on Internal Audit (as on February 2026) as applicable from 1 April 2026 (source: the Board's compendium page, checked on 1 October 2026). SIA 370 as described on this page is from the earlier October 2022 compendium. The February 2026 compendium renumbers the standards, so check the current number and text there before citing it in a report.
The written draft report and proof that it was shared with the auditee before the final report. Management's responses and the corrective action agreed for each observation. The final report, with its date of issue. Working papers that support any statement of conformance with the Standards on Internal Audit. The periodic report to the Audit Committee.
