Joint Audit for Private Banks proposes ICAI


The Institute of Chartered Accounts of India (ICAI) as the regulatory body governing auditors, has proposed the introduction of the concept of joint audit in private banks to enhance the quality of audit to the finance ministry and the Reserve Bank of India (RBI).

Consequently arises the question over role of auditors in estimation of non-performing assets (NPAs) of some private sector banks. Recently three private lenders — YES Bank, Axis Bank and ICICI Bank — had reported gross NPA figures in FY2015-16 that were in variance of the RBI’s estimations.



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