The High Power Group constituted by ICAI to study the systemic issues in the Punjab National Bank (PNB) fraud matter has submitted its report to the MCA.
Having collected relevant information from the officials of PNB including its Audit Committee Chairman, the Group prepared the report identifying the loopholes in the PNB systems and systemic issues in the bank.
The report shared with Ministry suggests remedial measures to strengthen the banking system of India, which includes creating awareness among banking personnel about IT and associated risks, increased involvement of independent external auditors and increased time period for conducting statutory audit. Further, representations are also being made to other regulatory agencies.
The Group led CA. Shiwaji B. Zaware, Central Council Member, ICAI and CA. M. M. Chitale, Past President, a special invitee , have provided relevant inputs in the report.
ICAI is absolutely commitment to the well-being of Indian economy and will continue to extend its support to the country with professional scepticism.