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  • New Information System Risk Assessment tool (ISRA)

    The new Information System Risk Assessment (ISRA) tool is available for privately owned businesses, their advisors and tax professionals.

    It will help you to self-assess the integrity of your information technology (IT) systems and establish if these systems are well governed with appropriate controls to meet your tax and super reporting obligations.

    We have successfully tried and tested the ISRA tool through strong collaboration and piloting with privately owned business advisors and our Top 320 clients. .

    The ISRA tool will help you:

    • self-assess the potential risks and integrity of your IT systems for effectiveness of internal controls to manage financial information and reporting
    • put recommended actions in place to reduce any determined IT system risks
    • prepare for any reviews or client engagement meetings you may have with us
    • improve your tax governance to make sure you are paying the right amount of tax and work towards establishing justified trust.

    The ISRA tool asks you a series of questions across key IT system risk areas. Your answers will determine either a low, medium or high risk rating for each question.

    Once you have completed the ISRA, you can send us your self-assessment report and evidence supporting your responses prior to any meetings you may have with us.

    We will review the report and supporting evidence to prepare a tailored engagement with you. This will help identify the required actions to mitigate risks in areas where you may have a medium-high risk rating.

    Your IT systems play a key role in supporting effective tax governance. It's important these systems have the right internal controls in place to ensure the accuracy and completeness of your tax and super reporting and lodgment activities.

    See also:

    Last modified: 01 Jul 2019QC 59486