Information System Audit: Stronger IT Controls For Safer Financial Data

Don't Wait for a Breach to Find the Gaps

Is your financial data as secure as your think? Today, we can see that around 60% of small businesses close within six months of a cyber-attack (Source: Cybercrime Magazine) and hence ignoring system errors is no longer an option.

Our Indian digital economy is growing, which makes the financial systems more connected and exposed. Having weak IT controls can quietly expose your business to data loss, downtime and compliance risks.

And the tricky part? These control gaps don't always show up until something breaks - or worse, gets breached. That's where we step in.

At MSA, we carry out focused Information Systems Audits and ITGC Reviews to help you spot what's working, what's weak and what needs fixing. From access rights to backup protocols, we look closely at the control environment that keeps your tech running reliably.

MSA's IT audits are made for forward-thinking finance teams and growing institutions. We won't just be doing assessment on what's exists on your system, but how well it works under pressure, across confidentiality, integrity and availability benchmarks.

Information System Audit Challenges in India

Most current businesses face hidden IT risks every day - these are some of the challenges we commonly encounter:

• Lack of Visibility: During the risk evaluation, there are chances of blind spots due to the undocumented IT assets and data flows.
• Regulatory Misalignment: The majority of the finance-driven firms fail to stay in compliance with the guidlines put forward by RBI, ISO 27001 or GDPR standards resulting in having legal and reputational risks for your business.
• Weak Access Controls: When your business has unauthorised access due to poor IAM (Identity and Access Management) then that stands as the main cause for data leakage.
• Legacy System Vulnerabilities: Outdated infrastructure without regular patching or penetration testing becomes an easy target for attackers.

Key Audit Services We Provide for IT Systems

We look closely at the control mechanisms that is keeping your IT systems secure, stable and in-line with the operational needs - finding gaps that impact performance or compliance.

We combine risk-based methodologies with international standards (ISO 27001, NIST, COBIT 2019) to deliver audit insights that are both actionable and aligned with regulatory expectations in India.

Audit Standards and Frameworks

At MSA, we follow the globally recognised standards and region-specific regulatory frameworks. These frameworks act as the foundation for evaluating control effectiveness, data integrity, cybersecurity posture and regulatory adherence within IT environments.

We leverage the following standards and models during every audit engagement:

Information System Audit vs External Financial Audit

Many organisations wrongly assume that a financial audit covers everything, including their IT risks. But in reality, it doesn't. While an external financial audit helps you figure out the accuracy of your company's financial statements, an information system audit (ISA) dives into the security, integrity and efficiency of the digital infrastructure behind those numbers.

Is an IS Audit Mandatory for Your Business

Even though it's not mandatory to conduct an Information System Audit in India, regulatory pressure is rising. And hence entities regulated by the RBI, SEBI, IRDAI or operating in data-sensitive areas (like lending, payments and investment advisory) are increasingly expected to maintain audit trails, data privacy controls and system security documentation.

For small and mid-sized finance companies, audits become important in the following scenarios:

• You handle sensitive customer data or KYC.
• You're applying for an NBFC license or under RBI supervision.
• You are seeking funding, partnerships or mergers.
• You use cloud-based or outsourced platforms for critical functions.

Even in the absence of direct mandates, investors and enterprise clients often require system audit reports as part of vendor risk management and due diligence.

Bring Your IT Controls Under a Meaningful Audit

In this IT-driven financial world where everything is so inter-connected, your systems are your backbone and your biggest exposure. An Information System Audit is not just about looking at a checklist; it is about finding out unseen risks, strengthening operational resilience and building long-term trust with stakeholders.

If you're scaling fast, handling sensitive data or simply want to ensure your controls are audit-ready, MSA brings clarity, control and confidence to your IT systems.

Our Key Experts For Information And System Audit