RBI’s new auditor norms to enhance audit quality: ICAI

Chartered Accountant’s apex body ICAI said Reserve Bank’s new norms for appointment of auditors will help bring in a large number of capable audit firms into the banking and financial sector auidting works as well as enhance audit quality. Noting that the norms are in the “right direction’, ICAI President Nihar N Jambusaria said apart from auidt quality, the norms will enhance “auditor independence and strengthen corporate governance”. The Institute of Chartered Accountants of India said harmonising norms for appointment of auditors of various entities in the financial sector is the right step towards ensuring independence and transparency.