Banking and market regulators are considering a proposal authorising auditors to directly verify financial information of their clients with banks where they hold accounts
Currently, rules of the Institute of Chartered Accounts of India require auditors to physically verify the cash and bank balances of companies they audit, and not merely rely on statements provided by the company secretary or the chief financial officer.
Private banks have failed to understand investors, and are sending clients irrelevant information and ignoring their real needs.Private banks have failed to understand investors, and are sending clients irrelevant information and ignoring their real needs.
Yes, It's a good move.
Thanks for the info...
CAclubindia
