The Institute of Chartered Accountants of India (ICAI) is set to issue a new framework of information systems audit standards later this month, the Press Trust of India (PTI) has reported.
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.
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The institute plans to publish 11 distinct standards under this initiative.
ICAI president Prasanna Kumar D said it would be the first time a professional institute has established such standards.
The central council of the ICAI approved the standards earlier this month.
According to an Economic Times report, the ISAS would establish a direct link between system controls and financial reporting integrity.
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By GlobalData“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.”
Earlier in the week, the ICAI released a set of global networking guidelines intended to support the expansion of Indian accountancy practices.
Under these norms, domestic chartered accountancy practices will be able to collaborate with overseas networks.
The framework also brings the Indian entities of “global networks of chartered accountants (or their equivalents in other jurisdictions)” within the scope of the ICAI’s regulatory oversight.
