BANK AUDITORS TO BE APPOINTED ONLY BY THE RESERVE BANK – GOVERNMENT DECISION – A WELCOME MOVE
The Government of India has decided that the auditors of banks will continue to be appointed by
Reserve Bank of India and the power to appoint auditors will not be delegated in the name of autonomy. The government of India has finally taken a view, on the basis of persistent follow up and representation by President of the Institute and several Central Council Members and All India Chartered Accountants Society. An incessant persuasion to implement this in principle decision by RBI is being made to ensure that all the banks adhere to the directive with immediate effect. We congratulate the profession of Chartered Accountants and each Chartered Accountant brethren who contributed towards the noble cause of safeguarding independence of auditors. We are sure that the profession will gain from strength to strength by united efforts by all of us towards achieving excellence, independence and integrity. Needless to say, it all will ultimately benefit the nation.
Reserve Bank of India and the power to appoint auditors will not be delegated in the name of autonomy. The government of India has finally taken a view, on the basis of persistent follow up and representation by President of the Institute and several Central Council Members and All India Chartered Accountants Society. An incessant persuasion to implement this in principle decision by RBI is being made to ensure that all the banks adhere to the directive with immediate effect. We congratulate the profession of Chartered Accountants and each Chartered Accountant brethren who contributed towards the noble cause of safeguarding independence of auditors. We are sure that the profession will gain from strength to strength by united efforts by all of us towards achieving excellence, independence and integrity. Needless to say, it all will ultimately benefit the nation.
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