Reserve Bank Governor Shaktikanta Das said on Monday that a fair and impartial audit is essential for a resilient economy because it inspires confidence in citizens.
Speaking to officials at the National Academy of Auditing and Accounts, Das said the audit is important for the country because public spending decisions are based on these reports.
Observing that there is a need to improve the quality and depth of the audit, he said that the Reserve Bank has taken a series of measures in consultation with the Institute of Chartered Accountants of India (ICAI) to improve the audit of banks and financial institutions.
Listing some of the recent measures, he said, the risk-based internal audit system for commercial banks was strengthened in January of this year.
Das said the RBI has placed emphasis on a strong governance framework in banks, NBFCs for building a resilient financial sector.
“With globalization and the increasing complexity of the financial system, auditing as a public good has become vital for a healthy, stable and vibrant financial system,” he said.
He urged the listening community to update and improve their skills constantly and to perform their task in the most efficient way possible.
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