The RBI DG also recommended CFOs to spend money on data analytics and technology so they could provide more precise and up-to-date financial information.
Chief financial officers (CFOs) of commercial banks and All India Financial Institutions were exhorted to maintain open and honest communication within their organizations as well as with auditors and supervisors on July 9 by Reserve Bank of India (RBI) Deputy Governor Swaminathan J.
"CFOs must keep lines of communication open and honest with bank regulators and auditors as part of this relationship. Avoiding the idea of concealing, withholding, or giving these teams insufficient information is crucial, according to Swaminathan.
The RBI DG also recommended CFOs to spend money on data analytics and technology so they could provide more precise and up-to-date financial information.
He went on, "This not only helps with strategic decision-making, but it also improves the capacity to react quickly to any problems found during audits or supervisory reviews."
Additionally, Swaminathan asked auditors to uphold the highest standards of impartiality, openness, and integrity in addition to maintaining audit rigor.
He was speaking at a seminar that the RBI hosted in Mumbai for CFOs and statutory auditors of commercial banks and All India Financial Institutions.
More than 300 people attended the seminar, according to an announcement from RBI. Among them were M. Rajeshwar Rao, the president of the Institute of Chartered Accountants of India (ICAI), Ranjeet Kumar Agarwal, as well as Ajay Bhushan Prasad Pandey, the chairperson of the National Financial Reporting Authority (NFRA).
The executive directors in charge of the Reserve Bank's supervisory and regulatory responsibilities were among the other notable guests.
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