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Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - October 25, 2021 - at the National Academy of Audit and Accounts (NAAA), Shimla) It gives me great pleasure to be here at the National Academy of Audit and Accounts (NAAA), Shimla today to address the probationers and other office
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FAQ :
In the public sector, audit is a cornerstone of good governance, providing unbiased assessments of whether public resources are managed responsibly and effectively to achieve intended results, thereby instilling confidence among citizens and stakeholders.
Audit provides an assurance mechanism that offers independent assurance to decision-makers about the quality and accuracy of financial information. Informative, accurate, reliable, and analytical audit reports are essential for both financial stability and economic growth.
Audit failures often arise when the independence of auditors is compromised or when auditors lack the necessary competence. Compromised independence can lead to moral hazard, making auditors subject to greater scrutiny.
The RBI, as a supervisor, has a keen interest in audit quality. It focuses on audit quality related to identifying gaps, assessing asset quality, and scrutinising accounting practices. The RBI also engages with auditors and professional bodies to improve reporting quality.
In the digital era, the auditing profession is adopting technology tools such as Computer Assisted Audit Tools and Techniques (CAATTs) to enhance efficiency. However, technology cannot replace professional judgment.
The auditor of the future will be a critical yet constructive challenger, with a clear focus on public interest and quality audits. They need to be professional, qualified, impartial, value-driven, ethical, and possess awareness and foresight.
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