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ICAI seeks branch audit of private banks
December, 26th 2011

Auditing regulator Institute of Chartered Accountants of India (ICAI) has suggested that private sector banks should get their branch accounts audited by an RBI-approved panel in line with PSU banks.

"It will bring in efficiency as computer data does not always give a true picture and human intervention is necessary to check fraud," ICAI president G Ramaswamy said.

Earlier this year, ICAI had cautioned RBI against "over-reliance" on a centralised audit system for banks that have completed computerisation of their operations in view of incidents of fraud.

Currently, the statutory auditors of private sector banks conduct branch audits , but it is not mandatory.

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