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date_range 30 Jun 2018 6:06 PM IST Updated On
date_range 30 Jun 2018 6:06 PM ISTRBI to act against bank statutory auditors for lapses
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Mumbai: The Reserve Bank of India (RBI) on Friday said that it has decided to put in place "a graded enforcement action framework" on banks' statutory auditors for lapses.
According to RBI, the framework is meant to improve audit quality and "with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner".
"The framework would cover, inter alia, instances of divergence identified in asset classification and provisioning during the RBI inspection vis-a-vis the audited financial statements of banks above the threshold specified," it said in a statement.
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