Impartial audit essential for resilient economy: Das
PTI, Oct 25, 2021, 12:44 PM IST
Image credit: ANI
New Delhi: Reserve Bank Governor Shaktikanta Das said on Monday that fair and impartial auditing is essential for a resilient economy as it instils confidence among citizens.
Addressing officers at the National Academy of Audit and Accounts, Das said that 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 audit, he said the Reserve Bank has taken a host of steps in consultation with the Institute of Chartered Accountants of India (ICAI) for improving the audit of banks and financial institutions.
Listing out some of the recent measures, he said, the risk-based internal audit system for commercial banks was strengthened in January this year.
Das said RBI has been stressing a strong governance framework in banks, NBFCs for building a resilient financial sector.
”With globalization and increasing complexities of the financial system, audit as a public good has become vital for a sound, stable and vibrant financial system,” he said.
He urged the auditor community to update and upgrade skills on a constant basis, and perform their task in the most effective manner.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Last chance to apply for UG and PG Programs at MAHE Bengaluru
UN revises India’s 2024 economic growth projection upwards to nearly 7%
RuPay credit, debit cardholders to get 25% cashback on purchases in 7 nations
E-commerce firms back govt’s proposal to make anti-fake review rules mandatory
PHF Leasing Limited widens its EV Loan portfolio
MUST WATCH
Latest Additions
Udupi man grows world’s most expensive mango in terrace garden
Mangaluru lagging in tapping Lakshadweep tourism opportunities
In Ayodhya, voters talk of a promise fulfilled and yearning for development
Bantwal: Young man saves 3-year-old from 30-feet well in Sarapady
ISIS links: Former MLA Idinabba’s grandson granted bail by Delhi HC