Role of Statutory Auditors in Emerging Financial Landscape (Remarks delivered by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India - July 9, 2024 - in the Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions (AIFIs) in Mumbai) https://www.taxtmi.com/news?id=27595 Statutory auditors must ensure that financial statements of banks and AIFIs present a true and fair view and support prudential measures; under principle based regulation they must evaluate management judgement in investment classification and ECL provisioning, validate models and methodologies, and apply heightened scepticism. Auditors should insist on meaningful disclosures of assumptions, governance and methods, and expand their remit to address going concern, climate risk, technology and vendor related operational risks, requiring specialised skills and closer engagement with regulators. en-us Wed, 10 Jul 2024 15:49:57 +0530 Wed, 10 Jul 2024 15:49:57 +0530 TaxTMI RSS Generator Role of Statutory Auditors in Emerging Financial Landscape (Remarks delivered by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India - July 9, 2024 - in the Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions (AIFIs) in Mumbai) https://www.taxtmi.com/news?id=27595 Statutory auditors must ensure that financial statements of banks and AIFIs present a true and fair view and support prudential measures; under principle based regulation they must evaluate management judgement in investment classification and ECL provisioning, validate models and methodologies, and apply heightened scepticism. Auditors should insist on meaningful disclosures of assumptions, governance and methods, and expand their remit to address going concern, climate risk, technology and vendor related operational risks, requiring specialised skills and closer engagement with regulators. News - Wed, 10 Jul 2024 15:49:57 +0530 https://www.taxtmi.com/news?id=27595