New Delhi: The RBI has revised the norms for concurrent audit of banks on Thursday. Concurrent audit aims at shortening the interval between a transaction and its independent examination.
The new norms for concurrent audit
The revised norms for concurrent audit of banks include the option to consider whether concurrent audit should be done by the bank’s own staff or external auditors. The external auditors could include retired employees of the bank.
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This has been left to the discretion of individual banks.
The new norms stipulates that if the audit is outsourced, the head of internal audit in the bank should participate in selection of concurrent auditors. The head will be responsible for the quality review (including skills of the staff employed) of the work of the concurrent auditors reporting to her/him.
The norms state that the bank should also put a policy in place for fixing accountability in cases of serious acts of omission or commission noticed in the working of bank’s own staff or retired staff, working as concurrent auditors.
A quarterly review will lay down important features brought out during concurrent audits and shall be placed before the Audit Committee of the Board of Directors (ACB)/Local Management Committee (LMC). The zone-wise findings of concurrent audit may be reported to ACB/LMC on a quarterly basis.