Governor Shaktikanta Das said accuracy and logical audit reports are vital for stability and growth. The finance for they instilled confidence among members of the public.
And also he said that the independence of auditors and the expertise will have to be leveraged to provide more assurance on financial performance, and India is optimistic to grow. A vigorous audit is essential for a dynamic and resilient economy that needed.
Auditing is the foremost pillar of good governance, he will say while communicating with officers at the National Academy of Audit and Accounts (NAAA) in the case of the public sector.
“ By the responsibly and effectively to achieve the accurate results, a fair and impartial audit infuses confidence among citizens and stakeholders by providing an unprejudiced and impartial assessment of whether resources from the public control,” he stated.
For financial stability and growth were the informative, accurate, reliable, and analytical audit reports, are basic health. Therefore, the independence of the auditor and the role of ethics in the profession of auditing are two of the most chief aspects which should draw our attention, he said.
Audit being the unavoidable external line of defense, he said, if its failure in supervised entities will adversely impact timely identification of major issues and risks in the financial sector.
With the globalizing and increasing complications of the financial system, audit as a public good has become vital for a sound, stable, and vibrant financial system. He urged the auditor community to update and upgrade skills regularly, and perform their task most effectively.
The auditor profile will be of a critical yet constructive challenge was the audit profile that needs a clear focus on public interest and the quality of audits. In quintessence, there is a need to be even more professional, qualified, impartial, value-driven, ethical, and also display awareness and foresight.
The Reserve Bank has taken a host of steps in consultation with the ICAI that there is to improve the quality and profundity of audit, needs to be observed to improve the audit of banks and financial institutions. He said, such a framework has to be built on principles of transparency, prudent business strategy, effective risk management, and strong compliance culture.
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