RBI bars EY member firm S.R.Batliboi from Auditing banks for a year
PrintListen to this Article
The central bank said the action was initiated on account of the lapses identified in a statutory audit assignment carried out by the firm.
On June 29, RBI had put in place an enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks.
RBI had pointed that statutory auditors of banks play an important role in contributing to financial stability when they deliver quality bank audits which foster market confidence in banks’ financial statements.
Quality bank audits are also a valuable input in the supervisory process of the Reserve Bank of India (RBI) for commercial banks.
In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of statutory auditors in a consistent manner, RBI had decided to put in place a graded enforcement action framework to enable appropriate action in respect of the banks’ statutory auditors for any lapses observed in conducting a bank’s statutory audit.
Such framework covered instances of divergence identified in asset classification and provisioning during the RBI inspection vis-à-vis the audited financial statements of banks above the threshold. #casansaar (Source - RBI, PTI, Economic Times)
Category : RBI | Comments : 0 | Hits : 1137
Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively. Regulations have been made public through two notifications. First set of regulations deals with mode of payment and reporting of non-debt instruments. “The proceeds of purchase / subscription of equity shares of an ...
The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value transactions that they may come across in their systems. The general purpose of the letter is to deny the use of electronic fund transfer mechanism to anyone who is intending to influence the election...
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The draft also covers the physical point-of-sale activities of payment aggregators (PAs). The RBI said that given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations ...
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC. Resident entities such as banks were permitted to hedge their exposure to the price risk of gold on the exchanges in the IFSC that are recognised by the International Financial Services Centres Authority (IFSCA), and the new directive provides them...
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations. These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co-operative Bank. The central bank imposed Rs 26.60 lakh on The Kalupur Commercial Co-operative Bank, Rs 13.30 lakh on Karad Urban Co-operative Bank, Rs 5 lakh on Janata Co-operative Bank, Rs 1 lakh...
Comments