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The Reserve Bank of India (RBI) convened a conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institutions in Mumbai, as part of its ongoing supervisory engagement with key stakeholders. Themed ‘Shared Vision, Shared Responsibility: Advancing Assurance in Banking Supervision’, the event saw participation from over 300 delegates.
The conference was addressed by Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J, Shri Ajay Bhushan Prasad Pandey, Chairperson of the National Financial Reporting Authority (NFRA), and Shri Ranjeet Kumar Agarwal, President of the Institute of Chartered Accountants of India (ICAI). Executive Directors of the Reserve Bank in charge of regulatory and supervisory functions also participated.
In his keynote, Deputy Governor Shri Rao highlighted emerging challenges in banking supervision and the critical role of Statutory Auditors in a principle-based regulatory regime and disclosure framework. Deputy Governor Shri Swaminathan underscored the importance of transparency, urging CFOs to maintain open communication within their organisations and with auditors and supervisors. He also emphasized that auditors should uphold the highest standards of objectivity, transparency, and ethics.
Chairperson Shri Pandey elaborated on the responsibilities of auditors and CFOs in ensuring that financial statements are accurate, free from misstatement, and aligned with regulatory expectations. He also highlighted lessons from NFRA cases, stressing proactive oversight and effective communication.
Shri Agarwal, President of ICAI, discussed the role of the Chartered Accountancy profession in supporting India’s development goals and detailed ICAI initiatives for capacity building in bank audits.
The conference included technical sessions on statutory audit expectations, cyber-security, internal controls in financial reporting, and the use of data analytics in auditing. It concluded with an interactive session involving senior RBI officials.
[RBI]