Committee on Information Technology – The Road Ahead for 2010-11

The Committee has strived hard to develop the profession in the IT Area through ISA Meets, e-Learning Modules on Bank Audit, Using CAATs/ GAS, Using MS-Excel 2007 as an Audit Tool, revised edition of Technical Guide on IS Audit, Technical Guide on Systems Audit of Stock Brokers, Signing of MOU with ISACA for Guidelines, Standards and Guides, IT Conferences/ Seminars and the Introduction of Certificate Course on Forensic Accounting and Fraud Detection using IT & CAATs. Based upon the experiences gained the aforesaid initiatives, the Committee suggests following initiatives to be carried forward by the new Committee for the year 2010-2011:
  1. Track/ Map IT Developments and Challenges impacting the profession and convert them into gainful professional opportunities for the members through suitable educational/ development programmes, e-Learning, Conferences/ Seminars/ Workshops, technical guides and publications.
  2. Promote value added services in IT Area like Information Systems Audit/ Systems & Process Assurance, ERP Consulting, XBRL Financial Reporting Language, e-Governance/ e-Business, KPO through informative leaflets, mailers, and booklets.
  3. Provide continuous professional education (CPE) to members to enable them to benefit from these emerging professional opportunities
  4. Empower and promote the Small & Medium Practitioners (SMPs) through provision of IT Tools, Practice Guides, development tools, software (Financial Accounting, CAAT Tools), e-Learning facility and opportunities

ISACA MOU

Educate and develop ISA Members to provide Information Systems Assurance Services using the IS Audit Standards, Guidelines and Procedures now available under the MOU. Get international recognization for the ISA Qualified members.
 

IT Directorate:

Establish a fully structured IT Directorate to service the requirements of member education, student education and Institute Computerization.
 

Promote Information Systems Assurance value added services

Through informative leaflets, mailers, booklets, practice guides.
 

XBRL Financial Reporting Language Promotion:

Through informative seminars, tools to convert accounts into XBRL Compliant, strive to promote use of XBRL by regulators – SEBI, RBI, Banks, Stock Exchanges

Facilitate e-governance and e-filing of returns, which is one of the important initiatives of the Government today.

 

Promote Forensic Accounting & Fraud Detection:

Highlight Forensic Accounting & Fraud Detection value added services being provided by Chartered Accountants through informative leaflets/ booklets and advertisement. Develop case studies for specific industries, to be covered as a part of the course. Organize batches of this course at all major cities for the benefit of members. Maintain a panel of faculties in major cities/ regions.
 

Revamp of Post Qualification Course on Information Systems Audit:
  1. Create efficient e-Learning system for ISA
  2. Standing Study Group to meet on quarterly basis on Video Conferencing to consider and suggest the ways and means to make the ISA Course more effective for members and industry through revamping of the ISA course
  3. Introduce Practical Training on Core Banking & System Auditing
  4. ISA guidelines to be benchmarked to international standards
  5. ISA qualified members to undergo regular practical training to enhance their efficiency and effectiveness
  6. International Recognization
  7. CPE Credit for Professional Training of 100 hours
  8. Introduce PhD/Doctorate level courses on IS Audit for expert level members
 

IT Manager Course for Members in Industry:

Chartered Accountants are increasingly managing the IT Departments of enterprises today considering their unique training/ development, knowledge of business requirements and laws. There is a need to provide specialist qualification as a Post Qualification Course on IT Manager leading to the degree of Diploma in IT Management [D.I.T.M. (ICAI)]. Such members can contribute to adoption of good IT Governance practices/ procedures in corporations, banks and financial institutions and hence get professional opportunities.
 

Technology Initiatives
  1. Webinars (Seminars on the Web) on Fortnightly basis. Members registering to get CPE Hours.
  2. Learning Management System (LMS) – To monitor e-Learning development by members and to allot CPE Hours for e-Learning introduced and being introduced by the Committee.
  3. e-Learning: Practical Training for ISA Members, Information Security Training, Bank Audit
 

Professional opportunities for ISA members:Through:
  1. Compulsory 6 Hours of IT Training by ISA Members
  2. Provide training to members on IT Enabled Services
  3. Committee may advocate for the compulsory use of its ISA qualified members for Audit of Systems in large listed companies
  4. The Committee should draw a framework for IS Audit prescribing the templates for engagement/ reporting/ performance, minimum fee structure etc. by constituting a study group for this purpose.
  5. Small & Medium Practitioners (SMP’s):
  6. The Committee to develop suitable programmes to promote and support SMP’s by suitably equip/ train them by demonstrating proven capabilities in the field of IS Audit/ IT Enabled Services etc.

ISA Question Bank:

The new Committee may carry forward this Committee initiative to invite questions from ISA Members to promote their learning and development and also contribute questions for the training and development of the members.

Support by Committee Members:

The Chairman, Committee on Information Technology (2007-08) had noted that the Committee members have not been able to provide sufficient support for the Committee members because of their heavy multitasking/ involvement/ efforts in other committees

Committee members are requested to invest minimum 5 days each on the initiatives of the Committee – Study Groups/ Follow-ups/ Involvement in Committee programmes - Committee members have not been able to pay due attention to various tasks as IT committee is still approached for various routine tasks

IT committee has become ISA committee - IT should involve in other matters than just ISA

Additional infrastructure to be introduced in various projects like Knowledge Management, Security systems

Investigate methods of cyber crime, fraud and find solutions for it

Training various regulators including the police to bring about awareness on cyber crimes
 
 
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