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Banks must swear by RBI’s norms on governance
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Radical reforms are also needed from the govt for a material improvement in the governance of PSBs
The Reserve Bank of India (RBI) issued operative guidelines with regard to the appointments of MD and CEO, Whole Time Director, Chairperson, Non-Executive Directors and composition of important committees last month, as part of its measures to strengthen corporate governance standards in commercial banks.
Further, the regulator plans to bring out a ‘Master Direction on Governance’ in commercial banks, based on the ‘Discussion Paper on Governance in Commercial Banks in India’.
The discussion paper, as well as the recent instructions on appointments of directors and constitution of important committees, gives much importance to the roles of independent and NEDs in developing an efficient and effective ‘corporate governance model’ in banks.
d) Defined benefit pension scheme; e) Documentation of audit work on going concern; and f) Review and supervision of the audit. The breaches admitted were pervasive, extensive and, in relation to the audit of inventory, serious. The requirements of multiple International Standards on Auditing (UK) (ISA(s)) were breached including ISA 220 (quality control for an audit of financial statements), ISA 230 (audit documentation), ISA 240 (the auditor s responsibilities relating to fraud) and ISA 330 (the auditor s responses to assessed risks). In their audit work on inventory, the Respondents failed to exercise both sufficient professional skepticism and reasonable professional judgement; they did not obtain sufficient appropriate audit evidence to provide a reasonable basis for the auditor s opinion. In two other areas (journal entry testing and defined benefit pension scheme) the Respondents failed to conduct the Audit so
South Sudan is Facing One of the Worst Food Security and Nutrition Crises Globally
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7.2 million people, representing 60% of the country’s population, are expected to face high levels of acute food insecurity.
Around 108,000 people are expected to be in Catastrophe level (IPC Phase 5) by July 2021 mainly in Jonglei, Northern Bahr el Ghazal, and Warrap States.
An immediate scaled-up humanitarian response is required to save lives and protect livelihoods.
Nairobi, 10th of May, 2021. South Sudan is facing one of the worst food security and nutrition crises globally, as an estimated 7.2 million people, representing 60% of the country’s population, are expected to face high levels of acute food insecurity (IPC Phase 3+) between now and the peak of the next lean season in July 2021. Of these, around 108,000 people are expected to be in Catastrophe (IPC Phase 5) by July mainly in Jonglei, Northern Bahr el Ghazal and Warrap States, according to IPC Global Support Unit’s conso
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