Reserve Bank of India (RBI) Governor Shaktikanta Das
Reserve Bank Governor Shaktikanta Das on Monday said fair and unbiased auditing is essential for a resilient economy as it instils confidence among citizens. Addressing officials at the National Academy of Audit and Accounts, Das said audit is important for the country as public expenditure decisions are based on these reports.
Observing that there is a need to improve the quality and depth of audits, he said that the Reserve Bank has taken several steps in consultation with the Institute of Chartered Accountants of India (ICAI) to improve the audit of banks and financial institutions.
Listing some of the recent measures, he said, the risk-based internal audit system for commercial banks was strengthened in January this year.
Das said that RBI is emphasizing on a strong governance framework in banks, NBFCs to build a resilient financial sector.
“With globalization and increasing complexities of the financial system, audit as a public good has become vital for a good, stable and vibrant financial system,” he said. He urged the auditor community to update and upgrade the skills on an ongoing basis and perform their work in the most effective manner.
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