Financial Daily from THE HINDU group of publications
Monday, Jul 15, 2002
Financial Daily from THE HINDU group of publications Monday, Jul 15, 2002 |
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Corporate
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Accountancy `ICAI adapting to changes in business arena fast' Our Bureau
KOCHI, July 14 THE Institute of Chartered Accountants of India (ICAI) has taken proactive initiatives on the technology front for the benefit of chartered accountants, recognising the need to adapt to swift changes in the new business environment, Mr S. Santhanakrishnan, Chairman, IT Committee of ICAI, has said. The advent of IT had brought about revolutionary changes in the systems and procedures in the business arena and the focus of audits was getting shifted from audit trail approach to systems review. "This has thrown open new opportunities for chartered accountants in several emerging areas in IT'', he said at a press conference here. There had been a paradigm shift from traditional accounting to assurance and consultancy services and CAs with information systems audit capabilities had a major role to play in the developing scenario. Mr Santhanakrishnan, who was here in connection with the `Hands-on training workshop on information systems audit' organised by the Ernakulam branch of ICAI, pointed out that information systems audit had come of age and a good number of organisations including banks had already embarked on system audit process in a big way. Today, cross-border transactions go through at the speed of thought and such capabilities and opportunities thrown up a lot of challenges and threats in the form of data security, system manipulation, hacking, Internet frauds and so on. The objective of ICAI was to equip chartered accountants to meet the challenges of future arising from various accounts-related issues. He said the training on information systems audit would be provided in a totally computerised environment so as to provide an exposure to popular FA software packages and an insight into their functioning. Finacle was a universally popular FA package for banks developed by Infosys Technologies Ltd, he said. ICAI is also planning to extend these courses to professionals in Sri Lanka and West Asia.
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