On account of the lapses identified in a statutory audit assignment carried out by M/s S.R. Batliboi & Co. LLP, Chartered Accountants , it has been decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019.
Reserve Bank of India
Date : Jun 03, 2019
Enforcement action in respect of statutory auditors of commercial banks
RBI vide its Press Release dated June 29, 2018 had put in place an enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks. In terms of the aforesaid enforcement action framework, on account of the lapses identified in a statutory audit assignment carried out by the firm, M/s S.R.Batliboi & Co. LLP, Chartered Accountants (ICAI Firm Registration Number: 301003E), it has been decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019. The action taken in the matter has been communicated to the Institute of Chartered Accountants of India.
Yogesh Dayal
Chief General Manager
VERY MILD ACTION. THIS ACTION WILL INDIRECTLY PROMOTE SUCH CASES.
Why only SRB? or is this the beginning of the end of big 4. Put soon others too , the big 4 on such ban – auditors of ILFS, PWC of Satyam Scam is still doing audit on annual extension. They take huge money but collude with owners/ directors at the cost of public. Also the Rating agencies of ILFS . Encourage local talent and create Indian global consulting firms. It is only the brand its all local people.