Fair audit necessary for resilient economy: RBI Governor

New Delhi. Reserve Bank of India (RBI) Governor Shaktikanta Das said a fair and robust audit system is essential for a resilient economy, as it instils confidence among citizens. Governor Das said this while addressing the officials at the National Academy of Audit and Accounts on Monday.

The RBI governor said that the audit is important for the country, as decisions on public expenditure are based on these reports. He said that more economic decisions are being taken on the basis of available data. Therefore, misinformation can lead to a less-than-expected decision.

Das said there is a need to improve the quality of audits. Therefore, the Reserve Bank, in consultation with the Institute of Chartered Accountants of India (ICAI), has taken several steps to improve the audit of banks and financial institutions.

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Shaktikanta Das said, “RBI is working closely with stakeholders for continuous auditing to improve the standard.” The Reserve Bank Governor said that in January this year, the risk-based internal audit system for commercial banks has been strengthened.

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Along with this, RBI has emphasized on strong administrative structure in banks, NBFCs to build a resilient financial sector. Speaking on the occasion, the RBI Governor urged the auditor community to update and improve the skills on a continuous basis and perform their work in the most effective manner.

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