The Chinese Association of Internal Auditing (CAIA) issued the revised Practice Guide for Internal Auditing Reporting -- No. 3101 Practice Guide for Internal Auditing, on December 26, 2019. The new Guidelines will come into force on January 1, 2020.
The new guidelines are revised by An Guangshi, a professor from Anhui University of Finance and Economics and a member of China Internal Auditing Standards Committee, vice chairman and secretary general of the Provincial Association of Internal Auditing. The Guide to Auditing Reports covers a wide range, is rich in content and is difficult. All members of the revision team carried out hard research and detailed desk writing with a highly serious and responsible attitude, and put forward the Guide to Auditing Reports (Draft for Comments). The Criterion Committee held several meetings for discussion and sent to relevant units to solicit opinions in a wide range. On this basis, it was further improved and finally approved by the second meeting of the 7th Standing Council of China Association of Internal Audit and issued for implementation.
The new guidelines have three distinct characteristics: First, the framework of the guidelines has been further improved. The structure of the guidelines has been optimized, and the principle requirements such as preparation and review of audit reports have been refined. Second, it further enriches the content of the guide. The revised guide includes 7 chapters and 45 articles, including general provisions, general principles, elements and content of audit reports, format of audit reports, preparation of audit reports, review, submission and filing of audit reports, and supplementary provisions, etc., which enriches the body content of audit reports and details the format requirements of audit reports. The third is to further enhance the operability of the guide. Defines and standardizes the related concepts and terms of the guide, and adds the reference template of audit report.
The release and implementation of the new guidelines further enhance the scientific nature, standardization and applicability of the Guidelines for Auditing Reports, help to guide internal auditors to standardize the preparation of audit reports, and improve the overall quality and level of audit work.
