CA FINAL ISCA | CHAPTER 1 (part #1) | MNEMONICS | MEMORY TECHNIQUE

CA Final Online Classes: ISCA


In this blog post, we are going to learn few topics related to Chapter 1 of CA FINAL ISCA subject.
We are going to use few Mnemonics to help you remember the topics for your exams.
These Mnemonics will be in form of stories & along with that Video Classes will also be provided for better understanding of the Topic headings.


Chapter: 1 Concepts of Governance & Management of Information System

Introduction:

The primary objective for the inclusion of the 'Information Systems Control and Audit' paper at the Final Level of the Chartered Accountancy course is to provide conceptual understanding of different aspects of IT risks, securty, controls and auditing of IT processes. This paper leverages and builds on the advanced IT Training and enables to understand the enterprise level aspects of governance, risk, compliance, assurance as applicable to enterprises. The topics covered here are closely integrated With Auditing and Assurance Paper. While updating this paper, the primary rationale has been to ensure the coverage of the latest concepts of Governance, Risk and Compliance (GRC), which has been a regulatory requirement not only for listed enterprises but also for all types of enterprises. Further, Implementing GRC in an IT environment requires updated knowledge and skills based on the latest developments and the best practices and this is sought to be provided by this paper. Students are advised to read these topics not only from examination point of view but keeping in mind the fact that these topics are highly relevant to their work as articles and in their careers whether they seek to be employed in enterprises or self-employed 

Topic reference will be from the ICAI module

Topic # 1.3.1

Benefits of GOVERNANCE

  • Achieving enterprise objectives by ensuring that each element of the mission and strategy are assigned and managed with a clearly understood and transparent decisions rights and accountability framework, 
  • Defining and encouraging desirable behavior in the use of IT and in the execution of IT outsourcing arrangements; 
  • Implementing and integrating the desired business processes into the enterprise; 
  • Providing stability and overcoming the limitations of organizational structure
  • Improving customer, business and internal relationships and satisfaction, and reducing internal territorial strife by formally integrating the customers, business units, and external IT providers into a holistic IT governance framework; and 
  • Enabling effective and strategically aligned decision making for the IT Principles that define the role of IT, IT Architecture, IT Infrastructure, Application Portfolio and Frameworks, Service Portfolio, Information and Competency Portfolios and IT Investment & Prioritization. 

Now, to remember the above topic easily, we are going to use Mnemonics.
Mnemonics are as follows:

LINE: Laalu ki Governance vala i.e. Laalu ki Governance ka railway ko benefit hua
  1. Customer  : Karna kya chahta tha? {Customer ka relation improve krna chahta tha}
  2. E-ticket     : Kaise? {By encouraging use of IT}
  3. Meeting    : Enabling effective decision making
  4. Laalu        : Accountable laaalu hoga
  5. Infosys      : infosys ke pas appropriate organisation structure hai
  6. IRCTC      : Implement kro

For further explanation watch the Class on YouTube: 




Clip #6(Yt) Clip #2 Benefits of IT GOVERNANCE



LINE: BANGLORE (IT) BAR DANCER VALA i.e Banglore k bar ne governance ko bar dance ke benefits batayi


  1. CONTRIBUTION:  Bar ka hamare business mai Contribution hai
  2. ENABLER INSTEAD INHIBITOR: ye enable karti hai na k inhibit
  3. MITIGATION RISK: Govt. ne bola Larkiyon ka risk mitigate kro
  4. COMPLIANCE LAWS: Law ka compliance kro
  5. FLEXIBILITY: Flexible Bar dance laye
  6. RESOURCES: Dancer ko khilyo pilayo
  7. VALUE DELIVERED: Jisse uski value baregi
  8. USER SATISFACTION: use dekh k audience ka satisfaction barega
  9. COST PERFORMANCE: note urdayo


YouTube:









Clip #7(Yt) Clip #3  STATUS of IT Governance

LINE: Janta Vala i.e Janta determine krti hai Status of governance

  1. JANTA: Janta governance ki results ko Monitor aur improve karne hai help krti hai
  2. CONGRESS: CONGRESS se na to Controlling hue na Directing hue aur na hi Executing hui (CDE)
  3. SONIA: SONIA decision leti thi
  4. MMS: Manmohan ji exceptions handle krte the
  5. RAHUL: RAHUL k pas Decision making mechanism nhi chayea jiski requirement hai
  6. DIGVIJAY: Information ekkthi krta hai Decision making k liye

YouTube:






  • Clip #8(Yt) Clip #4 Benefits of GEIT & Internal Control as per COSO

  • Benefits of GEIT

LINE: KABBADDI VALA i.e Kabbaddi Gate(GEIT) se bahar kheli jati hai


  1. KABBADI: Kabbaddi mai Uniform nhi hoti ye uski GOVERNANCE ki REQUIREMENT hai
  2. COACH: Coach Approach batata hai
  3. UMPIRE: Umpire compliance karvata hai legal & regulatory requirement ki
  4. CAPTAIN: Captian Decision leta hai
  5. PLAYER: Player Process krte hai captian k orders

  • Internal Control as per COSO

LINE: KEJRIWAL BOAT VALA i.e kejriwal se Boat ka internal control nhi kr paya jisse vo COSO door chala gaya

  • Control Environment har business mai hona chayea
  • Risk to har business mai hote hai kutch bhi kar lo
  • jinhe Control krne k liye kutch Activities krni prti h
  • Information & Communication karta hai
  • phir Monitor krta hai
For another take on this see the video

YouTube:



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