Post Membership Qualification (PMQ)

Course on
Internal Audit
 Introduction
The Post Membership Qualification (PMQ) Course on Internal Audit is offered to the members of the ICSI to
develop the skills of Company Secretaries to conduct Internal Audit including compliance and operational
audits, offering solutions for weaknesses in internal controls and verifying the subjective compliance of
related laws and regulations.
Company Secretary being a key functionary in the corporate pyramid with expertise in vivid laws and
Corporate Governance can lead the corporate with utmost excellence and efficiency in establishing self
regulation through internal audit.
The PMQ course on Internal Audit will definitely open new vistas of opportunities for Company Secretaries in
the field of internal auditing.

Eligibility Criteria
The members of the Institute shall be eligible for the admission to the course.

Course Structure
In order to provide in-depth theoretical and practical knowledge to the candidates, PMQ Course on Internal
Audit shall comprise of the following three stages namely:
• Stage I: Online and/or physical classes upto 25 hours will be conducted by the Institute on weekends
• Stage II : Online case study based MCQ examination will be conducted twice a year in June and December
• Stage III : Project Report submission
• Stage IV : Presentation by candidate

Attendance Criteria
Minimum 80% attendance will be mandatory in Stage I for eligibility to give assessment at Stage II

Passing Criteria
Stage II – Passing percentage of 50% in online examination of 100 marks. Negative marking of 1/4th for every
incorrect answer.
Stage III – Passing percentage of 50% in project report.
Stage IV – Passing percentage of 50% in presentation.

Admission Procedure
• Admissions are open throughout the year in online mode
• Candidates registered between 1st January to 30th June – will be eligible to appear in same year
December attempt of examination under Stage – II of the course.
• Candidates registered between 1st July to 31st December - will be eligible to appear in June attempt of
examination under Stage – II of the course

Fee Structure
• Course Registration Fee : Rs. 25,000/- plus GST
• Course Examination Fee : Rs. 1,500/- plus GST

Term of the Course

The registration for PMQ courses will be valid for a period of 3 years from the date of registration. The
Registration may be continued for another term of 3 years upon payment of fee of Rs. 2,500 plus taxes.

Award of Diploma Certificate

All successful candidates of PMQ Courses after qualifying Stage I, II, III and IV of the Course shall be awarded
with a Diploma Certificate by the Institute of Company Secretaries in India.
Award of CPE : 20 (Twenty) CPE hours upon Completion

Course Coverage
1) Introduction and Evolution of Internal Audit
• Definition, Purpose, Authority and Responsibility of Internal Auditing
• Evolution and History of Internal Auditing
• Types of Internal Audit
• Internal Auditor V/s External Auditor
• Internal Audit and Secretarial Audit: Complimentary or Supplementary
• Soft Skills required by an Internal Auditor
• Strategic and Operational Role of Internal Auditor
2) Foundation of Internal Auditing
• Recognize the knowledge, skills, and competencies required (whether developed or procured) to
fulfill the responsibilities of the internal audit activity
• Interpret organizational independence of the internal audit activity (importance of independence,
functional reporting, etc.)
• Interpret the difference between assurance and consulting services provided by the internal audit
activity
• Demonstrate the knowledge and competencies that an internal auditor needs to possess to perform
his/her individual responsibilities.
3) Practices related to Internal Auditing
• Standards on Internal Auditing – National and International
• Laws and Regulations on Internal Auditing – National and International
• International Practices of Internal Auditing
• Corporate / Organizational Governance Principles
• Corporate Social Responsibility
• Code of Ethics
• Environmental and Societal Safeguards
• Change Management
• Audit Practices in relation to the Accounting System
4) Internal Controls
• Meaning and Definition of Internal Control
• Dimensions of Internal Control
• Types of Controls and Management Control Techniques
• Internal Control schemes
• Internal Controls on the Accounting Function
• Basic Principles and Inherent Limitations
• Internal Control Frameworks (eg – COSO, Cadbury)
• Alternative Control Frameworks
• Role of Internal Auditors in Implementation of Internal Controls, Risk Management
• Risk Vocabulary and Concepts
• Examine the effectiveness and efficiency of internal controls
5) Fraud
• Interpret fraud risks and types of frauds and determine whether fraud risks require special
consideration when conducting an engagement
• Evaluate the potential for occurrence of fraud (red flags, etc.) and how the organization detects
and manages fraud risks
• Recommend controls to prevent and detect fraud and education to improve the organization's
fraud awareness
• Recognize techniques and internal audit roles related to forensic auditing (interview,
investigation, testing, etc.)
For Registration : https://g25.tcsion.com//EForms/configuredHtml/1677/62804/application.html?id=DPMQ
For queries/clarifications please write to pmq@icsi.edu or call 011-45341052/80