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January 15, 2012

Indian CAs fight branch audit proposals

Indian chartered accountants are said to be lobbying against Reserve Bank of India (RBI) proposals to allow state-run banks to stop mandatory branch audits, according to news reports.

The RBI believes banning these audits would enable cost savings as they are more expensive than audits of privately-owned banks.

If branch audits are scraped, it will affect small audit practitioners, who form a considerable proportion of the Institute of Chartered Accountants of India’s membership.

The institute is opposed to the proposal as it believes it would raise governance concerns and make the sector more susceptible to fraud.

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