Information System Audit

An IS Audit is an examination of the management controls within an IT infrastructure to evaluate whether the controls protect assets, ensure data integrity, and align with the organization's goals and resources.

IS Audit covers information systems broadly; IT Audit focuses on technology infrastructure.

RBI's guidelines on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds (2011) and subsequent circulars mandate banks to conduct IS Audits as part of their risk management framework.

COBIT provides governance and management objectives for enterprise IT controls.

The primary objective is to assess the adequacy and effectiveness of internal controls over information systems, ensuring confidentiality, integrity, and availability (CIA) of banking data.

Auditing high-risk areas first based on likelihood and impact of IT failures.

ITGCs are overarching controls that apply to all IT systems, including change management, access controls, IT operations, and business continuity, ensuring the reliable functioning of application controls.

A formal document defining authority, scope, and responsibility of the IS Audit function.