`EXPOSUREDRAFTGUIDANCENOTEONINTERNALAUDITOFCEMENTINDUSTRYTheInstituteofCostAccountantsofIndia(StatutoryBodyunderanActofParliament)HeadOffice:12,SudderStreet,Kolkata–700016DelhiOffice:CMABhawan,3InstitutionalArea,LodiRoad,NewDelhi-110003Website:www.icmai.inExposureDraftGuidanceNoteonInternalAuditofCementIndustryPage1of106TableofContents1INTRODUCTION..............................................................................................................................71.1Introduction............................................................................................................................71.2ObjectivesofthisGuidanceNote...........................................................................................71.3ScopeoftheGuidanceNote...................................................................................................72OVERVIEWINTERNALAUDIT.........................................................................................................92.1DefinitionofInternalAudit.....................................................................................................92.2ObjectivesofInternalAudit....................................................................................................92.3ScopeofInternalAudit.........................................................................................................102.4Methodology.........................................................................................................................112.4.1Understandingthebusiness.........................................................................................112.4.2Identifyingtheriskareas...............................................................................................112.4.3Analyzingtheprocessandcontrols..............................................................................112.4.4CommunicatingandRecommendationthroughReport..............................................122.5Planning.................................................................................................................................122.6Sampling................................................................................................................................132.7Evidence................................................................................................................................132.8AnalyticalProcedures...........................................................................................................142.9Documentation.....................................................................................................................152.10InternalAuditReportContentsandFollow-up.....................................................................163GLOSSORYOFTERMSINCEMENTINDUSTRY.............................................................................193.1Cement..................................................................................................................................193.2TypesofCement...................................................................................................................193.2.1OrdinaryPortlandCement(OPC)..................................................................................193.2.2PortlandPozzolanaCement(PPC)..................
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