RBI cracks the whip on auditors, wants them to keep eye on five key areas

Fallout will be that some of the smaller audit firms will find it difficult to comply with the new format, and may have to seek help from the Big Four

The Reserve Bank of India (RBI) has asked bank auditors to keep a close watch on five key parameters and is to reassign its senior supervisory authority in charge of the inspection of specific banks. The twin changes have been set in motion to 

better leverage the skills of the wider auditor fraternity and its internal staffers.

The new housekeeping diktat for auditors follows a meeting called by the RBI’s Department of Banking Supervision audit cell. A significant aspect of the formal meetings to be held hereon on a quarterly basis will be the absence of bank officials when their auditors are