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
Markets surrender early gains to trade lower
US Fed interest rate decision key event to watch out for this week: Analysts
DGCA sticks to June 1 deadline for revised flight duty norms; says aim is to alleviate pilot fatigue
Govt approves 17% wage hike for 1.10 lakh employees of LIC
Air India lays off over 180 non-flying staff
MUST WATCH
Latest Additions
Opposition asks EC to act against PM’s Whatsapp message on ‘Viksit Bharat’
It’s hard to believe Pakistan’s Nadeem is struggling to get a new javelin: Neeraj Chopra
IPL 2024: Virat Kohli joins RCB training camp
Mumbai: 15% water cut on Mar 19 due to inadequate level in Pise dam
JD(S) indicates displeasure over issue of seat-sharing with BJP in Karnataka for LS polls