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Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks

Published on July 09, 2024
Current Context: The Reserve Bank of India (RBI) recently held a conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institutions on July 9, 2024, in Mumbai.
Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks
  • The theme of the conference was “Shared Vision, Shared Responsibility: Advancing Assurance in Banking Supervision.”
  • Key points from the conference include:
    • Financial Health of Banking Sector: The RBI emphasized that the banking sector is in excellent financial health, poised to support India’s economic growth.
    • Role of Auditors: Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J highlighted the crucial role of statutory auditors in maintaining financial stability and integrity. They urged auditors to adhere to high standards of objectivity, transparency, and ethics.
    • Communication and Transparency: CFOs were encouraged to maintain open and honest communication within their organizations and with auditors and supervisors.
    • NFRA’s Perspective: Shri Ajay Bhushan Prasad Pandey, Chairperson of the National Financial Reporting Authority (NFRA), emphasized effective communication between stakeholders and proactive oversight over branch auditors’ work.
    • ICAI’s Contribution: Shri Ranjeet Kumar Agarwal, President of the Institute of Chartered Accountants of India (ICAI), highlighted the CA profession’s role in achieving India’s economic aspirations.
    • The conference covered technical sessions on expectations from auditors and CFOs, cyber-security, internal controls, and data analytics in auditing.
    • Overall, it aimed to strengthen assurance in banking supervision.

Question:

1 What was the theme of the RBI conference for Statutory Auditors and CFOs?

  • A) “Financial Health and Growth”
  • B) “Advancing Assurance in Banking Supervision”
  • C) “Transparency and Integrity”
  • D) “Role of Auditors in Banking”
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