Related-party deals on the rise, auditors must be alert: RBI governor Das

RBI governor's statement follows two-year ban on Haribhakti & Co from conducting audits

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said auditors must be careful about the rise in innovative accounting and related-party transactions and must flag them to the regulator promptly.  

His remarks came days after the RBI banned auditing firm Haribhakti & Co for two years from conducting audits on its regulated entities from the next financial year.

Without naming any firm, Das said the auditors, in some cases, failed to catch manipulation and misstatements in accounts, and clever accounting should be dealt with more strictly. It is also the job of the auditor to report immediately to