Technical Guide on Internal Audit of Mining and Extractive Industry DISCLAIMER The views expressed in this Technical Guide are those of author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s). Internal Audit Standards Board The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi © The Institute of Chartered Accountants of India All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher. Edition : March, 2012 Committee/Department : Internal Audit Standards Board E-mail :
[email protected] Website : www.icai.org Price : ` 150/- (including CD) ISBN : 978-81-8441-527-8 Published by : The Publication Department on behalf of the Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi - 110 002. Printed by : Sahitya Bhawan Publications, Hospital Road, Agra - 282 003. July/2012/1,000 Copies Foreword The mining industry is a key segment of the Indian economy, with India being highly endowed with vast mineral resources. The country's accelerated growth rate warrants a rapid development of the mining industry, on which most of the basic industries in the manufacturing sector depend. Extraction and development of minerals are closely interlinked with other natural resources like land, water, air and forest. Hence, the management of this precious resource and its optimal and economical use are matters of national importance.