An open letter to Honourable Prime Minister of India Why Frauds happen in Banks – Auditor Perspective

After spending an almost 20 years of long career as independent Branch Auditor for various Nationalised banks, I feel the Annual Audit exercise has become a mere ritual rather than a true & Fair audit with value addition to the banks. The spirit of Audit is losing ground as the time is passing. The general perception that use of technology in banks has eliminated the chance of frauds is just an eye wash. The Nirav Modi case is just a tip of ice berg and day is not far when we will see the whole ice meltdown, if remedial steps are not taken and auditor is not allowed to discharge its responsibility with full independence . The major flaws in Annual Audit exercise are as under:

1. Independence: The Independent Branch Auditors are appointed by the management of the banks, which is very much against the basic principle of Auditor Independence. The Management appointing the auditors expect them to work in interest of Bank even in case of any negative finding, which defeats the very purpose of the Audit. Few years back RBI in consultation with ICAI was making an appointment, the system was discontinued, and bank management was given the power for the appointment of the auditors. In toto the auditor has lost Audit independence the most important factor to discharge his duties diligently and honestly. As the banks have greater social role to accomplish the auditor independence is of utmost importance.

2. Time Limitations: The Bank branch auditors are appointed at fag end of Financial year and given a week time to complete the audit. Again, lot of resistance and hurdles are brought in way of auditor to arrive at his fair and true opinion about the Financial statements and other reporting requirement of Reserve Bank of India. The Time given to audit the 365 days transaction of the banks with all kind of constraints is next to impossible task.

3. Auditor Meet: The Branch Auditor meeting is called for merely 30 minutes or so by the senior management of bank & central statutory auditor to tell the auditors that audit must be completed within given time line of 7 days whether the verification and all the necessary audit activities are carried out or not . The Auditors meeting agenda only revolves around the completion time & Non- Issue of MOC in name of materiality factor which is a subjective and individual opinion of branch auditor.

4. Trust Gap: Some of the Nationalized banks require Auditor to sign Declaration which is not required under any regulation or law, in wrong guise of independence of auditor. For E.g Banks requires the auditor to bring to notice of branch management before commencement of audit, Instances of any professional connection with the borrowers account, which is impossible task as how the auditor will come to know which borrowers of the bank with whom he has professional connections. This kind of requirement ultra-wires the norms set by the regulatory body (ICAI) and lead to the conclusion that bank perceive professional relation of Auditor with bank borrowers with suspicion and lead to trust Gap.

5. MOC Fever: The auditors of bank if manage to find inconsistencies and irregularities having a financial impact on true & fair view, the bank management uses all types of undue influence and resistance that auditor does not qualify his report and issue MOC. As soon as MOC is proposed by the Auditor all senior officials report the branch and try to pressurise the auditor to drop the MOC. Some officials go one step ahead and uses Auditors connection with external parties to threaten the auditors and bring undue influence. The act of resisting the auditors to express their independent opinion defeat the very purpose of the audit.

6. Poor Staff Orientation leading to resistance: The Branch management is not aware of their duties and responsibilities in accomplishing the Audit exercise, on the contrary they question the auditor rights and restrict access to important reports, data, information which have bearing on the Auditors opinion. Despite various reports generated by the system the branch management does not provide the same for audit. The data required by the auditor in database format to use analytical audit tool is not provided.

7. Credit reporting system: The very object of the Audit to ensure the bank’s assets is safeguarded. Advances in case of banks constitute a major asset which need to be verified and scrutinised properly for its performance and realisation. The Non-performance of the Advances must be determined as per Guidelines set by the RBI. But advances statements are last reports generated, a day before the audit completion deadline. Auditors are made to realise that system is well equipped to audit the bank advances and auditors need to blindly follow the system. Whereas the reality is that it’s a most grey part of banking system and most prone to manipulation. The Advance classification system override the Auditor perception, observation and opinion. Hence the most important objective of the audit is replaced by the System (prone to all kind of manipulations)

8. Restricted access and training: In CBS banking almost, every banking transaction was done through customised CBS Software. It is very important that the auditors should be given a proper orientation, access and understating of the CBS system to discharge their responsibility diligently.

9. Fair reporting Constraints: The very essence of any audit exercise is true & fair reporting by the auditor to stakeholders. In case of Bank Audit, branch auditor must report to central Auditor who in turn report to stakeholders and to central bank(RBI) about the affairs of the bank. Hence it is very important that the ground realities at the branch level is reported comprehensively so that consolidate true and fair view emerges for bank affairs. It ha been observed that with advent of digital signing, the banks have digitised the reporting part with all sorts of constraints and standardisation that cause hurdle in expressing comprehensive opinion of the branch auditor. Moreover, the limitations to the attachment of audit evidence which have a substantial bearing on reporting of bank as whole is not possible due to system constraints. In nutshell the auditor reporting is squeezed in pretext of digitisation.

The consequences:

1. Poor appraisal assessment of the advances leading to higher NPA’s and leading to fraud and misappropriation of funds.

2. The Nationalised Banks has become an extension to old Sahukari system in line with private bankers.

3. Credit is not channelized to the real entrepreneurs.

4. The Depositors are feeling scary to keep their hard-earned money in banks thereby diverting saving to non-priority sectors.

5. Commercial advances for purchase of agriculture product, leading to Perennial financing thereby worsening the condition of farmers.

6. Hybrid loans in form Assets back loans to non-priority sectors, making rooms for more corruptions & channelizing funds to non-productive purposes ultimately leading to inflation in economy.

Recommendation for making the Audit a fruitful and value addition exercise:

1. An oversight independent body under the RBI should be established to oversee the appointment and whole Audit Exercise without the interference of the bank management. The Oversight body should also impose best practise standard for auditors for delivering better results and stricter penal action for erring auditors.

2. The Auditor should be appointed well in time preferably 3 months before so that ample time is provided to them to carry out the Audit function with due diligence.

3. The Bank branch management should be made aware of the rights and duties of the auditor.

4. An Exhaustive system of bank reporting should be established to assess the macro level results of audit and accordingly improve the efficiency of audit exercise.

5. It should be ensured that, the overall objective of Audit is achieved to build the trust of people in baking system.

We urge to our dynamic forward looking Honourable Prime Minster to take necessary steps to clean out the system and save the country from un-imaginable catastrophe.

Jai Hind, Jai Bharat

CA. Mohammed LakkadshaCA Mohammed Lakkadsha

20th April ,2018

[email protected]

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55 Comments

  1. g subramanyan says:

    no need for statutory audit. it actually serves hiding income and saving income tax. only eye wash.
    intelligent master degree holders in science, commerce or any faculty with suitable training can do the job. now the question arises – is it legally possible t abolish these three instts. if possible, why delay

  2. SOHANPAL SINGH says:

    POSITION DATE WAS OCT 2016 BU TILL DATE NO POSITION BHS 16 MU-2 5250 FLAT
    SUBJECT-{MU-2 BHS 16, 5250 FLAT} LATE POSESSION-HI RESPECTED SIR, I AM GUILTY TO INFORM YOU THAT WE ALL MEMBER OF BHS 16 GREATER NOIDA AUTHORITY IS VERY SAD AS AUTHORITY POSTED COMPLETION DETAIL OF
    BHS-16 MU-2 5250 FLAT IN DECEMBER 2017 & AFTER JANUARY 2018 LEASE DEED & REGISTRY IS OPEN LAST DATE IS JUNE 2018 BUT NO ROAD, WATER, SEVER LINE IS COMLETED
    & WORK SPEED IS SO SLOW THAT IT IS LIKE NOT TO COMPLETE IN ONE YAER PERIOD SO WE ALL ALLOTTE OF BHS-16 REQUEST YOU TO TAKE AN ACTION UPON THE BUILER
    AS THERE ARE MORE THAN 12 BUILDER IN THESE FLAT BUT ONE OR TWO BUILDER IS WORKING REST IS SLEEPING WHAT WE DO PLEASE TAKE ACTION UPON IT SO THAT BUYER COULD BE HAPPY & VOTE FOR BJP.
    Thanks
    Sohan
    Mobile No 9891405016
    Dated 25-04-2018

  3. CA Suniiel R Karbhari says:

    Our Professional friend has rightly pointed out the real life situation ,as prevailing today.

    At Institutional level , all the aspects raised need serious intervention and the implementation , by both ICAI and RBI .

    Not only appointment system needs overhaul but post appointment , at every phase of audit ,all the technicalities need to be given serious thought, by all those including Ministry of Finance.

    The role of system audit and the Concurrent audits ,the availability of timely reports before statutory audits, the serious compliance reports of such audits etc ,all that matters a lot ,before assuming the final reporting responsibility on statutory auditors .

    And finally at Individual level , every auditor needs to factually report what is observed, without any fear and favour ,based on his/her intellectual independence and the moral inelegance .
    e.g It is observed that in case of branch audit , ATM balance is a part of branch balance sheet , then branch auditor is asked to confirm the same .
    One needs to either qualify the report as to no verification of any inward and outward replenishment or may suitably observe with all the limitations etc .
    Once again congratulations to our professional friend for raising the concerns , immediately after the bank audits are over for PY 2017-2018.

  4. VINOD KUMAR GUPTA says:

    The allotment system of branch audit of various banks are too far to understand . it seems there is no transparency in it.

  5. P.N.V.GIRI says:

    Yes , the cat is out of the bag only now. It is humanly impossible to give an authentic LFAR with in the short span of time and almost all comments are given are in consultation with the Branch head only. If the branch head or the staff have not paid their personal loans or deficiency in their documents, then the auditors are made to overlook. In the certain cases the system is not generating the NPAs on its own. The anti virus in most of the banks are not renewed. Periodical physical verification of collateral securities/mortgaged properties by the branch head is in question.
    Concurrent auditors must be made responsible.

  6. naresh k gupta says:

    I BEG TO DIFFER WITH VIEWS EXPRESSED BY AUTHOR EXCEPT THE TIMELIME IMPOSITION AS WELL AS BY MANY OF PROFESSIONAL COLLEAGUES. I TEND TO AGREE WITH SOME OF PARTICIPANT IN DISCUSSION THAT MEMBERS AND ICAI THEMSELVES ARE TO BLAME FOR THIS MESS

    THE BIGGEST CULPRIT IN THE SYSTEM ARE RBI AND ICAI FOR WASTING LOT OF TIME IN SELECTION OF AUDITORS AND MOST OF US (MEMBERS) WHO DO NOT UPDATE THE TECHNOLOGIAL ADVANCEMENT AN COMPLAIN OTHERS

    RBI CLEARS THE PANEL AS LATE AS IN MARCH LEAVING ONLY 5-10 DAYS WITH BANKS TO SELECT THE AUDITORS IN PLACE OF AUDITORS RETIRING ON COMPLETION OF 4 YEARS, PREPARING BRANCHWISE LIST OF AUDITORS FOR SUBMISSION TO RBI, SEEKING CONFIRMATION OF PROPOSED AUDITOR TO ACCEPT THE APPOINTMENT IF HE IS SELECTED BY THE BANK, CALLING THE MEETING OF ACB AND SUBMISSION OF THE REPORT TO RBI FOR FINAL APPROVAL

    THE AUDIT OF PSUs BEING HANDLE BY THE CAG HAS MUCH WORSE SYSTEM, IS KNOWN TO ALL

    SOME SOFTWARE DEVELOPED BY ICAI FOR ACCOUNTING YEAR 2017-18 ADOPTED BY SOME BANKS HAS BEEN FOUND TO BE VERY POOR AND AS I KNOW A TEAM OF SOFTWARE DEVELOPING THE PROGRAM HAD TO WORK OVERNIGHT TILL WEE HOURS IN A BANK TO REMOVE GLARING IRREGULARITIES THOUGH STILL THE RESULT HAS BEEN MUCH POORER THAN THE EARLIER PROCESS

    I AM OF FIRM VIEW THAT ICAI TAKES UP WITH RELEVANT AUTHORITIES FOR APPOINTMENT OF AUDITORS LATEST BY DECEMBER AND ACTUAL WORK SPECIALLY IN KEY AREAS IS CARRIED OUT IN THE LAST QUARTER. YEAR END FIGURES ARE THE MAJOR AREAS WHICH THE AUDITORS MAY VERIFY AFTER THE CUT OFF DATE OF 31ST MARCH. THIS WILL ALSO HELP BANKS REMOVE THE IRREGULARITIES BEFORE YEAR END FOR A WIN WIN SITUATION FOR ONE AND ALL

    THE PROFESSION NEED TO RAISE THE LEVEL, NOT TO SUCCUMB TO PRESSURE AND UPDATE THE SKILL OF SELF AND STAFF TO FIND THE TRUTH UNDER HEAP OF DATA.

  7. CA J V BHANU PRAKASH says:

    Dear sir,
    Yes the request is welcoming at this juncture this we are proposing since many years let us hope for the best
    Reards

  8. CA.T S Ramaswamy says:

    Sir;
    with over half a century in audit profession, and having been statutory and concurrent auditor for many banks, I totally endorse the views of the learned colleague. Several of my observations and concerns expressed were not even read by the Regional office, or Head office and simply deleted. The manager of Branch takes it so casually and responds that we may write any observation, and it does not matter. What else happens? some banks consult the local branch manager for views on auditor before renewal.

    Then, several of my colleagues just take the assignment as a supplement income, and do not invest quality time on the assignment. Many do not know how to access data and generate reports in Bank software whether Finacle or others. Result, over dependence on staff for reports and a smart guy in the bank can twist the report to his advantage. ICAI must ensure that all members or at least those who wish to accept such assignments are suitably trained, have relevant expertise before empannelment. Else, many Niravs will occur. Rgs. tSR

  9. venkatramana says:

    The observation of TG team is 100% correct.As a bank auditor of year 2000 and earlier,I fully agree
    that there is severe time constraint,non availabiity of staff members because the branch is already suffering for want of manpower to manage the counters.Year after year from 2001 onwards(after the bank vrs-2001) the importance of auditingtook a back seat and hasbecome a ritual.

  10. Madan lal says:

    Dear thanks for thought provoking words and true description of the state of affairs at all branches….but don’t expact any action from politicians because they Only are the cause and reason behind all big NPAs.All senior level appointments are political appointments with service charge and all disbursement of big loans are because of political pressure and political contribution. No action will be taken and our Central Council full of yes men and selfish people and getting big audits and other works because of their service to political class…1st JULY.. who will forget….but again they are coming for your VOTE be AWAKE and kick them in the Face….God bless the Profession.

  11. Bhawana says:

    Hi,

    Yes, I agree with these issues that are the concerns of an SCA.

    But I think urging PM this way is an effort well thought of 🙂 but more can be done by the team of represented by ICAI past presidents expertise in Bank Audits and from there the impact landing can be measured well so that instances of Nirav Modi can be cut short.

  12. KPRAKASH FCA says:

    Branch Statutory Auditor or CSA should be appoionted by end Dec of the FY and they should be free to commence the Audit well before the close of the FY so that even the time line set by the bank can be met. Ample time is the key to quality . No one force to compromise on independance of the auditor. Auditor can even guide the Branch / Bank the steps that need to be taken in compliance with IRAC norms in diffifult cases.

  13. Radhakrishnan.V says:

    The Auditors to audit the accounts of banks should be selected by Panel consisting of C&AG, a member from Central board of direct taxes, a member from the institute of Charted AccountantsThere should be no political interference.Further the internal auditors of the banks should be selected carefully with no political influence and they should be transferred every three years .The work of internal auditors should be assessed by the bank auditors and any deficiency is noticed appropriate action should be taken immediately.Auditors should be motivated to work deligently and with dignity.

  14. gavin c dsouza says:

    i am a chartered accountant in practice for the past 34 years. i had the opportunity to do the internal audit of a co operative bank from 1985. As time went by the board wanted me to do a routine audit on a regular monthly basis and leave the statutory audit to the RBI and the co operative department . In the early stages my comments and observations were being appreciated by the management . But in the name of growth certain powers tried to arm twist me to give their suggestions and sanctions a clean report which i resisted and i stopped their audits in 2004. Let me tell you that the firmness with which i dealt with the concerned officials then have today given me the respect in society as a person who has no two minds of an issue and will say black is black and white is white.
    i long to have such integrity on display by my C A brethren

  15. A.BANEREJEE says:

    The article and the discussion on it are worth pondering. I only hope, the govt (Fin Min), RBI, CAG, CVC, CBI, SFIO, etc., take due cognisance of this and take appropriate steps.

  16. Y.MURALIDHAR says:

    Is the comment of Whether it is a rape or a wilful defaulter of a Bank,- This is not correct. In my view the writer is correct. How nore ban is done by our PM Mr.Modi, in the same the system is to be introduced for Bank Audits as letter written by CA Mohammed Lakkadsha. He is right. Only our PM can make it.
    Thanks to CA Mohammed for this.

    Y.Muralidhar
    .

  17. ca s.k.lal says:

    Kindly send this letter to PMO,FINANCE MINISTRY,RBI, ICAI ALONG
    WITH ALL REGIONAL OFFICE AND ALL independent director under CA category.

  18. Mohana Rao says:

    Very nice article sir. it is very true and correct. Proper steps to be taken by the management instead of blaming to Auditors…

  19. PC Srinivasan says:

    Dear C A Mohammed Lakkadshah, Why should you address this letter to PM Modi ? Whether it is a rape or a wilful defaulter of a Bank, why everybody writes to Modi ? Where are the ethics bodies of the Banks & CA Institute – all dead & dysfunctional ? Your article itself has the answer – incompetent or pliable Auditors. Who is to blame ?

  20. A Rama Chandra Murthy says:

    Good. RBI must take charge as you advised for audit and to disclose the facts and figures. Thereby health progress in banks and ensure economy to improve However, the steps are tobe taken by PM and FM Jai Hind

  21. Singh Raj Jairath says:

    Anybody and everybody would nump to the Prime Minister. Should these issues, showing in a way weakness of auditors not manalysed with ICAI?

  22. vswami says:

    OFFHAND
    ‘CBS’- The accounting and all other core functions of a bank have now been entrusted to the so called CBS /its officers in supervision and control; and left to be relied upon in toto ,

    This is the matter on which the writer has, based on his professed years’ direct experience, proffered his observations and suggestions, for consideration, to none else than the PM himself.

    Be that as it may, going by one’s limited knowledge, most of the responsibilities have been left to be solely taken care of, and to be monitored on a day-to-day basis, at the Branch level itself. To say it differently, the top management seems to be of the unshakable view – wrongly so- that it is the in-charge of the Branch who should look into and take care of the ‘audit’ formalities. Apart from redressing customers’ grievances, of all kinds, regardless of whether anyone or more of those are in relation to any fundamental deficiency (ies) , besides in the in-house rules, the system in-place tuned to and linked,

    On the flip side , however, the field reality is that none at the branch level, including its principal officer in- charge, do not seem to have been given suitable training / posted with first hand knowledge about the system, So much so those are in no position to even understand and meet satisfactorily any such complaint of a customer, on a stand alone basis; without any active help or effective tassistance from the HO, on a timely basis .

    This s is an aspect of such crucial importance / ‘materiality’, that a branch auditor needs to be fully conscious and aware of; in his own professional interests, so also in the larger interests of the stakeholders, in its inclusive sense. And, no gainsaying, he does owe it, to unhesitatingly take up with the bank’s management , to the end of having thrashed out; sooner done, advisedly better.

  23. raj says:

    your article is informative. however in Indian conditions all wrong doings and frauds reporting in audit report is very weak and ineffective. the formats for fraud and misappropriation, diversions, non priority lending, not providing loans and support to priority sector agriculture, education, rural industry, etc are not questioned in reports with explanations from bank management in directors report are not prescribed in the audit report format prescribed as per “caro” and other icai gudinelines -also auditor be provided a check list verification management confirmation with detailed report and workings from banks legal dept about advances legal audited along with internal audit report. system based audit programme and report with exceptions in annexures can create fear of exposing the hidden malice and encourage the honesty, integrity, independence but power bribes and easy money succumb even auditor/law.

  24. Mithun says:

    in last few days noticed many loan frauds and multiple bank accounts operated by many entry operators from almost every branch .
    But not even a single QUALIFIED audit report have been brought in light by any media

  25. Mithun says:

    How could an Auditor complete his statutory audit in just 10 days. with Audit reports already prepared by bank staff even before the auditor finishes his audit work.
    Don’t know what is the audit fee for bank branch, but have seen many CA Firms fighting and trying their resources to get big branches for bank audits.

  26. AVTAR SINGH says:

    all the banks are audited by auditors every year, the
    Auditors never show/find the fraud in the books/ audit report , the banks where contain the frauds books.Is the banks are separate books for fraud?
    what things are audited by the auditors

  27. M V KAMESWARA RAO says:

    I fully agree with the author. RBI and ICAI have totally failed continuously over decades and the result is present condition as pointed out by the author.

  28. Prafulchandra Karania says:

    Fantastic letter the main reasons for such frauds are poor quality of staff lack of knowledge and finally dadagiri of staff union which is controlled by political leader

  29. K R SRINIVASAN says:

    Political interference in PSU Banks must stop before any clean up measures could be initiated by RBI. One knows very well that even RBI is constantly under pressure from Finance Ministry in major decision making like Demonetization. RBI, Perhaps, was never prepared for Demo. Also, stern action is warranted against those bank officials who are found to be hand in glove with big businessmen.

  30. avtar singh says:

    all the banks are audited every year by the auditor,but the auditor never found/search/ show the froud in the audit report,why they cannot find the froud in the books of banks

  31. sowmya says:

    Well said I agree with all the points except I am not able to understand how independence of Auditor is compromised if Bank management appoints auditors.
    Secondly and very important is what is your ICAI President doing? Just trying to improve his business !!! . It is joke that a unethical institute is believed to be good for the economy.

  32. Rajni Kant Uniyal says:

    While most of the problems are genuinely expressed and, I being once the head of Bnking operations was dealing with statutory auditors, would like to add that
    a/ the auditors mustn’t be having any prior relationship with the Branch or its borrowing units. I have seen complaints about auditors trying to pressurise branches for extracting favours for the borrowers,
    b/ Auditors in some cases demand undue favours.
    c/ They send interns to audit the branches in most of the cases, who aren’t qualified to audit. And simply sign the reports.
    d/ They try to harass branches by threatening to write damaging reports and giving MOCs where none is warranted
    e/ As regards the matter of MOCs, he is very correct in saying that bankers don’t like MOCs and do try their level best to persuade auditors to drop the same. This is indeed happening. But then the auditors at times also use MOCs as an instrument to get some favours and issue MOCs for small insignificant amounts, which are later dropped by circle auditors.
    f/ As regards other affairs of the branches, the first thing available to them are RBI and internal audit reports as reference to overall halth of the branch, which can be used fruitfully for focusing on crucial and critical areas. But some people simply copy the observations of these reports without looking to action taken.
    f/ Finally, no one stops them from auditing the branches at eary dates, instead of starting the process after closing. They are advised of branches at least a frtnight before closing. They can check P& L after closing and for tha one week is adequate enough

  33. CA. P C Bhandari says:

    Rightly said. Very much correct. Further regarding CBS training to auditor, unless desired reports and commands are not made available to auditor, the very purpose of audit shall not be achieved. We have tried to extract certain useful reports from CBS (for audit) with commands and found that it take hell of time and no reports were generated.

  34. krishna chandra agarwal says:

    it is very that the branch auditor is given only two days to complete the audit, A lay man can understand how a branch auditor can complete the audit with many problem-

  35. Dipesh Thakkar says:

    Your remarks are very precise but our institute instead of helping us in the exercise just toes the line of the Management of the banks and is not capable to put across the point to RBI . The day is not far the audit itself will be stopped.

  36. Sahil karir says:

    Well said, mr. Mohammad lakkadsha. Your concern is very well described and also the solutions provided in the letter should be considered by ministry at utmost priority. But there is a basic problem. They won’t follow you. Our people don’t ne have the will and courage. We are living in a country where everyone care for himself only. We are a part of corrupt and selfish system and we are responsible for it. We are not mark zuckerberg, we don’t accept our mistakes . But still , I hope that your concern is read and actions are taken to improve the bank audit system in our country. Thank you.

  37. Jayesh Shah says:

    In fact ICAI should have insisted to provide more time for Bank Audit, we can not take excuse for poor audit that no enough time is provided. No one force you to accept audit. If the governing body CA community ICAI decide not to accept audit by any CA, the government has to accept the legitimate demand for more time. It is like a rat race, if some one is doing wrong, instead of stopping them, we join the race. Only money matters. No moral value even after high education. Some thing is wrong with the education system, we all will have to think about.

  38. Kothandaram says:

    Very greatly explained the present audit structure. As correctly said, one of the basic action to be taken is increasing time span for completion of audit (7days to time required based on the size of the branch)

  39. Arumugam says:

    Share your feelings and thoughts. This must reach the respective quarters. but would any change would happen in real sense by those at helm of affiars

  40. V S VARUN says:

    IT IS SURPRISING THAT WRITER COULD TOLERATE 20 YEARS IN AGONISING SITUATION AS AN BRANCH AUDITOR. HE SHOULD HAVE STOPPED TAKING SUCH ASSIGNMENTS, IF HIS CONSCIENCE WAS PRICKING HIM.

  41. Deepak Dang says:

    I worked in a PSU bank for 40 years & dealt with Statutory Suitors as officer, BM & Authorized Officer at administrative office. The above status is true.

  42. CA Anand Partani says:

    Good article, in my opinion the year end audit should be stopped a quarterly audit from SBA should be implemented at those branches where advance is more than 100 crores instead of review of advances the process should be evaluated including fund base and non fund base exposure

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