Reserve Bank of India (RBI) Deputy Governor Swaminathan J on July 9 urged the chief financial officers (CFOs) of commercial banks and All India Financial Institutions to maintain open and honest communication within their organisations as well as with auditors and supervisors.
“Integral to this collaboration is the need for CFOs to maintain open and honest communication channels with auditors and bank supervisors. It is imperative to eschew the notion of hiding, withholding, or providing incomplete information to these teams,” Swaminathan said.
The RBI DG also urged CFOs to invest in technology and data analytics, which would help them provide more accurate and real-time financial insights.
“This not only aids in strategic decision-making but also enhances the ability to respond swiftly to any issues identified during audits or supervisory reviews,” he added.
Swaminathan also requested auditors to maintain audit rigour and adhere to the highest standards of objectivity, transparency, and ethics.
He was addressing a conference held by the RBI for statutory auditors and CFOs of commercial banks and All India Financial Institutions, in Mumbai.
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