Swaminathan J, Deputy Governor, Reserve Bank of India has stated that the banking sector is at a decadal high in terms of all financial parameters and the sector is well poised to support the growth of Indian economy. However, he noted that we have a shared responsibility to ensure that the same is sustainable over the years. He highlighted the indispensable partnership between the auditors, CFOs and financial sector regulators in safeguarding the integrity and stability of financial institutions.
Talking at the Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions, Swaminathan noted that Auditors and Chief Financial Officers are key pillars of financial integrity and governance in our banking system. Auditors must apply due rigor in their audit processes to mitigate any potential for divergence, under-provisioning, or non-compliance with statutory and regulatory requirements. A critical aspect of the auditor's role is the careful evaluation of internal financial controls over financial reporting. By maintaining meticulous standards and adherence to regulatory guidelines as well as auditing standards, auditors can minimise the need for supervisors to intervene.
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