RBI Governor Says Robust Auditing Practices Will Help Counter Frauds
NDTV
RBI Governor said that some times auditors fail to gauge manipulations in accounting practices and stressed on the need to be more alert towards this
Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday cautioned auditors to be mindful of rising innovative accounting and related party transactions, asking them to bring these to the notice of the regulator.
Mr Das while delivering a lecture at the National Academy of Audit and Accounts (NAAA), said that in many cases auditors have failed to gauge manipulations in accounting practices and stressed on the need to be more alert towards this.
The central bank head noted that though it is the duty of auditors to report any kind of accounting manipulation, they don't do so in some cases.
His comments came just days after RBI had banned auditing firm Haribhakti & Company for two years from undertaking audits on its unregulated entities from 2022-23 onwards.
