ICAI Sets New Standards in Digital Audit with ISAS Launch

The Institute of Chartered Accountants of India (ICAI) will release Information Systems Audit Standards (ISAS) aimed at strengthening the audit process within the digital ecosystem. Comprising 11 standards, ISAS will enhance the reliability of digital financial reporting and reinforce stakeholder confidence in ERP-generated financial statements.

The Institute of Chartered Accountants of India (ICAI) is set to introduce the Information Systems Audit Standards (ISAS) later this month. These standards are designed to bolster the audit process within India's digital landscape.

The ISAS, appearing for the first time from a professional institute, consists of 11 standards and was recently approved by ICAI's central council, according to President Prasanna Kumar D.

ISAS will establish a direct linkage between system controls and financial reporting integrity, vital for environments where financial reports are generated through ERP systems, processed by algorithms, and cloud-hosted. The standards aim to strengthen assurance over automated financial systems, enhancing the reliability of digital reporting and instilling greater confidence among stakeholders.

(With inputs from agencies.)