RBI s new audit norms to ensure no repeat of IL&FS, DHFL & Yes Bank
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Synopsis
Rules likely to improve transparency and build confidence in audit industry, say many analysts, who also flag initial operational issues
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The long shadow of IL&FS,
DHFL and Yes Bank has reportedly prompted the central bank to stay firm on its stand that financial businesses must comply with the latest auditing norms, which simultaneously seek to lift standards, decentralise the industry and prevent conflicts of interest involving the various revenue streams at consulting companies.
Large audit firms either linked to or affiliated to the Big Four currently dominate the audits of financial services companies. The new guidelines are expected to give opportunities to small and mid-sized Indian audit firms, potentially increasing competition, breaking old links and bringing in more scrutiny.
New auditing rule book to ensure no repeat of IL&FS, DHFL-like fiascos
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Share
Synopsis
Rules likely to improve transparency and build confidence in audit industry, say many analysts, who also flag initial operational issues
Related
The long shadow of IL&FS,
DHFL and Yes Bank has reportedly prompted the central bank to stay firm on its stand that financial businesses must comply with the latest auditing norms, which simultaneously seek to lift standards, decentralise the industry and prevent conflicts of interest involving the various revenue streams at consulting companies.
Large audit firms either linked to or affiliated to the Big Four currently dominate the audits of financial services companies. The new guidelines are expected to give opportunities to small and mid-sized Indian audit firms, potentially increasing competition, breaking old links and bringing in more scrutiny.