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ICAI and IBA to set up a Common Platform for Balance Confirmations

Published on June 10, 2023
Current Context: ICAI and IBA setting up a common platform for balance confirmations, this initiative is aimed at providing more transparency, efficiency and reducing auditing costs for chartered accountants and banks.
ICAI and IBA to set up a Common Platform for Balance Confirmations
  • The platform will be jointly owned by the Institute of Chartered Accountants of India (ICAI) and the Indian Banks’ Association (IBA) and will initially cover only public sector banks.
  • The platform will be developed and maintained by PSB Alliance Pvt. Ltd. (PSB Alliance), which will work with the Institute for Development and Research in Banking Technology (IDRBT).
  • The need for such a mechanism has been felt because there is no standardised process or format for obtaining balance confirmation from banks, which exposes auditors to risk and leads to scams such as the Satyam Computers case in 2009.

Question:

Q.1 What is the name of the joint venture entity created and held exclusively by all 12 public sector banks in India?
a. PSB Alliance Pvt. Ltd.

b. IBA Alliance Pvt. Ltd.
c. IDRBT Alliance Pvt. Ltd.
d. ICAI Alliance Pvt. Ltd.
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