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ICAI to launch information systems audit standards later this month
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ICAI is set to issue a new framework of information systems audit standards later this month.
The new framework, titled Information Systems Audit Standards (ISAS), aims to reinforce audit practices in the context of India’s expanding digital and automated financial environment.
The institute plans to publish 11 distinct standards under this initiative. The central council of the ICAI approved the standards earlier this month.
“In an environment where financial statements are enterprise resource planning (ERP) generated, system-processed, algorithm-driven and cloud-hosted, strong information systems controls are essential,” the ICAI said in a note.
“By strengthening assurance over automated entries, revenue systems, core platforms and technology-based processes, ISAS enhances the reliability of digital financial reporting and reinforces stakeholder confidence across the ecosystem.”
The new framework, titled Information Systems Audit Standards (ISAS), aims to reinforce audit practices in the context of India’s expanding digital and automated financial environment.
The institute plans to publish 11 distinct standards under this initiative. The central council of the ICAI approved the standards earlier this month.
“In an environment where financial statements are enterprise resource planning (ERP) generated, system-processed, algorithm-driven and cloud-hosted, strong information systems controls are essential,” the ICAI said in a note.
“By strengthening assurance over automated entries, revenue systems, core platforms and technology-based processes, ISAS enhances the reliability of digital financial reporting and reinforces stakeholder confidence across the ecosystem.”
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