INFORMATION SYSTEMS RISK ASSESSMENT (ISRA) ESSENTIALS

Course overview

Many practitioners assume an audit or ATO review is mainly about tax law positions and source documents. In practice, accounting systems, data integrity, and internal controls are often scrutinised just as closely. Weaknesses in accounting software, spreadsheets, integrations, or governance can quickly expand the scope of an audit or review and undermine confidence in reported outcomes.

This course explains Information Systems Risk Assessment (ISRA) concepts in plain, practical terms. It focuses on how accounting systems are evaluated for reliability, how data flows are assessed, and why access controls, change management, and spreadsheet usage frequently become audit pressure points. Participants learn how system weaknesses translate into higher perceived risk and expanded enquiries.

Practical guidance is provided throughout on how to identify, document, and mitigate system risks before they are challenged. The course also introduces emerging risks associated with AI-enabled tools used in financial and tax processes and explains how to assess and control them.

Course objectives

• Explain what ISRA is and why it plays a critical role in audits and ATO reviews
• Understand how system weaknesses drive expanded audit scope and deeper data testing
• Identify common risk areas in accounting software, payroll systems, integrations, and spreadsheets
• Assess access controls, segregation of duties, data integrity, and change management
• Prepare audit-ready system documentation that supports the reliability of reported figures
• Apply a practical risk lens to AI-assisted accounting and reporting tools
• Translate ISRA findings into clear remediation actions and defensible evidence packs

Learning outcomes:

• Identify system-related risks that affect the accuracy, completeness, and reliability of financial and tax reporting
• Explain how reviewers assess reliance on system-generated data and automated controls
• Perform a practical ISRA-style assessment across systems, interfaces, customisations, and governance
• Document system environments in a way that supports audits and reduces follow-up queries
• Prioritise remediation actions based on risk rather than technical perfection
• Recognise when AI use in accounting increases risk and how to implement proportionate controls