THRISSUR: Chief Vigilance Commissioner KV Chowdary has said the Commission will try to find out how the entire audit system had failed to detect the Rs 11,400 crore fraud, allegedly involving jewellery designer Nirav Modi, in the Punjab National Bank (PNB).
Responding to questions from TOI here, Chowdary said the Commission had directed the chief vigilance officers (CVOs) in each public sector institutions to study internal audit, or the statutory audit as well the CAG report.
The CVOs are supposed to send the reports to the Commission. However, in the case of PNB none of these audit reports seem to have flagged the scam. All audits have given clear reports, and this points to a systemic failure in the audit system.
The Commission is independently studying these audit reports, and is…
