INSUBCONTINENT EXCLUSIVE:
RBI said it will take action against statutory auditors in case of any lapses in their auditing processReserve Bank of India (RBI) on
Wednesday tightened rules on banks' statutory auditors saying it reserved the right to not approve appointments of such auditors for a
specified period if their audit quality was not found satisfactory
The Reserve Bank of India (RBI) said it will take action against statutory auditors of banks in case of any lapses in their auditing process
including instances such as misstatement of a bank's financial statement or wrong information in audit report.The banking regulator came out
with these guidelines after a recent $2 billion fraud at state-run Punjab National Bank revealed several lapses in the auditing process in
banks."The framework would cover, inter alia, instances of divergence identified in asset classification and provisioning during the RBI
