Impartial audit important for resilient economic system: Shaktikanta Das

Reserve Bank Governor Shaktikanta Das stated on Monday that honest and neutral auditing is crucial for a resilient economic system because it instils confidence amongst residents.
Addressing officers on the National Academy of Audit and Accounts, Das stated that audit is essential for the nation as public expenditure choices are based mostly on these studies.
Observing that there’s a want to enhance the standard and depth of audit, he stated the Reserve Bank has taken a number of steps in session with the Institute of Chartered Accountants of India (ICAI) for bettering the audit of banks and monetary establishments.
Listing out a few of the latest measures, he stated, risk-based inner audit system for industrial banks was strengthened in January this 12 months.

Das stated RBI has been stressing on a powerful governance framework in banks, NBFCs for constructing a resilient monetary sector.
“With globalisation and increasing complexities of the financial system, audit as a public good has become vital for a sound, stable and vibrant financial system,” he stated.
He urged the auditor group to replace and improve abilities on a continuing foundation, and carry out their activity in the best method.