It is in line with this philosophy that a system of audit has been developed comprising of auditors working directly with the businesses to monitor the ways in which a business entity is doing its business .The business community play a very important part in the growth of the economy of the country. Any adverse effect on a business not only affects the promoters but also their employees, suppliers, customers, and other players in the business cycle. In short, it has a contagion effect on the economy and the severity of which depends, among other factors, on the size of the company and the business segment it is operating in.
An auditor has responsibility towards the shareholders of the auditee unit.The power of appointment and dismissal of the auditor lies with the auditee unit's management and this sometimes also leads to undue influence of the management on the working of the auditor. An auditor is supposed to be a watchdog on behalf of the shareholders and other stakeholders and as such, the integrity of the auditor is very sacrosanct and should not be influenced in any way which is detrimental to the shareholders' interest. An auditor's responsibility is not limited to the shareholders only because an audit report is a public document and is relied upon by various stakeholders in the economy like financial institutions, government bodies and the general public. Hence, it can be said that the auditors play an important role in ensuring good health of the economy of the country as well.
هذه القصة مأخوذة من طبعة November 2020 من BANKING FINANCE.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 2020 من BANKING FINANCE.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Fraud Risk Management In Banking
Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.
Will Brick-andMortar Banks Get Schooled by FinTech Startups? The Talent War for India's Banking Future
The Indian banking sector is on the cusp of a transformation. FinTech startups are revolutionizing the industry with innovative products, seamless digital experiences, and a culture of agility. But this disruption extends beyond just technology.
Beyond the Rate Hike: Understanding the effects of Monetary Policy Tightening in India
Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.
MSMEs - The Unsung Heroes of India's Economic Journey
Micro, Small, and Medium Enterprises (MSMEs) are the lifeblood of India's economy, contributing significantly to GDP, employment, and exports. Their ability to adapt, innovate, and create opportunities has propelled India towards becoming a global economic powerhouse.
The Role of Sustainable Marketing in Modern Business Practices
The landscape of business is evolving with a growing emphasis on sustainability. Sustainable marketing, which integrates environmental and social responsibility into business practices, is gaining traction as a critical approach for companies aiming to align with the values of modern consumers.
Transforming Indian Banks: How Generative AI is Redefining Marketing
In the fast-paced world of finance, marketing strategies have evolved greatly, using the latest technologies to effectively reach and engage customers. Among these technologies, Generative Artificial Intelligence (AI) stands out as a game-changer.
Legal News
No GST on Fines and Penalties Collected by RBI, Rules Maharashtra AAR
Frauds in Banking Sector and Role of AI in Fraud Management
The banking sector, a cornerstone of the Indian economy, plays a critical role in driving financial inclusion and stability. However, it has not been immune to fraudulent practices, which jeopardize not only the financial institutions but also the trust of the populace.
RBI CIRCULAR
Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
Banking and Financial Services: Paving the Way for India's Development
The adoption of digital payments through platforms like the Unified Payments Interface (UPI) has made cashless transactions a norm. The rapid growth of fintech has democratized access to financial products, making it easier than ever for people across the country to manage their finances.
