Monday, October 15, 2012

LET RBI APPOINT AUDITORS OF PRIVATE BANKS, SAYS ICAI

Accounting Regulator the Institute of Chartered Accountants of India (ICAI) has urged the
government to let the Reserve Bank of India appoint auditors of private banks, citing the
inherent conflict of interest when auditors are chosen by the bank management. The institute
had flagged the issue earlier as well pointing out that auditor independence is particularly relevant
for banks as they raise deposits from public. The trigger for renewed request comes after the
government has decided to select auditors for state run banks.

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