Banks may have to share client info with auditors

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM) (5015 Points)

26 April 2009  

 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.