Friday, May 16, 2014

Chartered Accountants seek fair treatment from RBI, Banking Sector and Government

The All India CA Society has made a very strong representation on 12th May, 2014 to Governor, RBI to adequately recognize devoted contribution by Chartered Accountants to Indian banking sector monitoring and growth besides ensuring regulatory compliance. RBI professional regulation and CAs contribution towards compliance of RBI and Government directions have contributed immensely to resilience of Indian banking sector. In recent past certain decisions of RBI and Government in respect of delegation of Appointment of Central Statutory Auditors and Branch Auditors, reduced number of branches being subjected to audit, restriction of 6 years on appointment of CAs on Board of Directors, prohibiting CA Directors as Auditors in any other Banks are some of the retrograde steps, which are likely to adversely affect the banking sector as the control on Fraud, mis-statement in financial statements and money laundering will be loose. The Society has urged upon the RBI and Government to clearly recognize and appreciate positive role of CA profession and be not misguided by negative views of miscreants, who wish to play fraud and manipulate by impacting of CAs supervision monitoring and controls adversely. ( for detailed representation)