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Is audit

CA Manik R M (CA Job) (25 Points)

07 January 2015

THE 'IS AUDIT' is NEW yet interesting so i have taken initiative for all the people who are interested in the same.so share the information and views about the IS Audit.

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C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 07 January 2015

DISA / CISA qualified members can do Information system audit

Pass % of DISA ( JUNE 2014 ) was just 6% . CISA is also very tough , though objective type questions were to be answered

Audit focuses on vulnerabilty assessment & penetration testing

Cyber fraud is a real threat and the amount involved surpasses narcotic & arms trade

Recent comment by RBI Governor Mr. Raghram Rajan is note worthy . Banks and financial Institutions are the major target

As a professional opportunity Fees matters us . To perform the audit not only qualification but also lot of knowledge & skills are needed , we may need to employ computer professional also . IN INDIA there is a Government Organisation bY name C.E.R.T giving accredition to Audit Firms . Scope is very vast both in India & abroad

Now a days as a routine excercise Banks are getting their ATMs IS audited According to information fees is around Rs 5000/ .

Sathish M (Management Accountant) (40581 Points)
Replied 08 January 2015

Can you suggest some very useful materials (other than those published by ISACA) for equipping oneself for understaning the nitty gritties of how to conduct such audits ?

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 08 January 2015

I qualified DISA in last June . . Just focused to pass the exam . Knowledge is a concern for me . Ron weber's Book " Information system control & Audit " ( Pearson ) is a widely read book

What CA s lack is technical knowledge & Technology is fast changing .

For that " Computer today " was suggested

Our Institute has changed the syllabus & pattern recently . They have included certain project work / practical session also now Institute's material refer lot of books at the end of each chapter

However I have not read any of these book . All the best

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 08 January 2015

Your intiative is really appreciated

We can build up Knowledge through simple question answer sessions . As also the task gets simoplified since many can contribute to make the whole

Pl go ahead . start in a systematic manner .

sathianarayanan.t (chartered accountant) (267 Points)
Replied 08 January 2015

Mr. Hareesh, what you said is correct. For accadamic interest you can go for DISA and you can have one more certificate in your file. On remuneration point of view the fees you are getting from banks on IS audit is very low. I did IS audit for more than 7 years for KVB branches and was given a lump sum fees of Rs. 3000 per branch. Just to have some sort of experience in IS audit I did. 2 years back I refused the audit offer given by this bank. The amount prescribed is an insult to our profession. When DISA was introduced, Mr. Santhana Krishnan was central council member and he was the chairman of IT committee (I think so). To popularise the couse he was telling, you would get more IS audit from banks and just as branch statutory audit, for IS audit also our institute would commence separate empanelment. But nothing happened. No bank is giving priority to IS audit particularly for DISA qualification. If you are CISA qualified, you may get some assainments.

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 08 January 2015

Right Satyanarayananji - The fee of 3000/ is an insult . But some of our collegues are pursuing it . My friend told me that few used to deploy their Aricles and grab this amount . Some members do this if lot of branches are offered and the overall fees is ok

DISA / CISA qualification is ( directly indirectly ) insisted for empnelments . Because when there is a choice a member with these would be prefered . For Central Auditors I think at least 2 members should DISA / CISA qualified . Every where ( concurrent audit / CAG ) it asked whether CISA / DISA qualified .

But if you get C.E.R.T accredition oppurtunities are said to be better . Because IS audits of P.S.U fetch huge amounts ( I was told around 20 Lakhs ) But we need to be equipped for that . A big partnership with members havig specialised areas

Mr. Santhana krishnan is still there at the helm . Let us hope for the best

Recently I did FAFD & CONCURRENT AUDIT courses . Attendance was good . What I noticed is when other areas dry up we think of these certifications and other empanelment requirements. These become feather in the cap

One member asked during the session that despite the fee for concurrent audit being very low there are lot of applicants and whether this is attributed to poverty amongst the members . One corrected " it is not due to poverty but LIBERTY "