The Reserve Bank of India (RBI) is the regulator and supervisor of the banking system, as per power conferred by relevant provisions of the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, and other relevant statutes. RBI has informed that the guidelines/norms and procedure for audits have been issued by RBI, in consultation with Government of India. Accordingly, banks are to put in place appropriate control and audit procedures for their business activities. Public Sector Banks (PSBs) are subject to annual Statutory Central Audit and Statutory Branch Audit. In addition, Risk-Based Internal Audit and Concurrent Audit are undertaken by all PSBs in terms of RBI guidelines. Further, quarterly review of accounts is conducted by…
