Can we correlate this standard with Internal Audit Engagement? In other words, while accepting an internal audit engagement, should a CA follow this Standard?
No, we have seperate standard for internal audit.
SIA — Standards on Internal Audit
SRS 4400 — Restricts procedures to limited as pre-decided. There are generally no such fixed steps in internal audit. Yes areas are mutually decided but not fixed steps or procedures. So both are different. SRS 4400 has nothing to do with internal audit.