Tuesday, February 15, 2011

ICAI CAUTIONS RBI ON BANK BRANCH AUDITS

According to ICAI President, accounting regulator ICAI cautioned the Reserve Bank of India against
over-reliance on a centralized audit system for banks that have completed computerization of
their operations in view of the Rs.400 crore fraud unearthed at Citibank's Gurgaon branch. The
Citibank fraud has brought to forefront that audits need to be more vigorously followed at the branch
level, rather than relying upon the audit of the information generated at the central / regional or
zonal level alone.

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