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NEW DELHI: The Institute of Chartered Accountants of India (ICAI) plans to codify best practices in information system audits for the benefit of its members.

Once codified, the institute's members in practice would have to give a certificate that they have adhered to the systems audit standards in the conduct of statutory audits.

With the level of automation in banks on the rise, the scope for system audits have enlarged in recent years.

Tie-up finalised

"We have finalised a tie-up with Information System Audit and Control Association (ISACA), USA, for adopting their standards. The draft MoU has been sent to the Government for approval," Mr T.N. Manoharan, President of ICAI, told reporters here on Thursday.

ISACA is recognised by the International Federation of Accountants (IFAC), of which ICAI is a member. Mr Manoharan clarified that the proposed system audit standards would be applicable for audits of all enterprises and not only banks.

The ICAI President also said that the Government has notified accounting standards 1 to 7 and 9 to 29 of ICAI for adoption by companies. The National Advisory Committee on Accounting Standards had recommended these standard for notification.

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