{"id":1709,"date":"2015-07-16T00:00:00","date_gmt":"2015-07-15T18:30:00","guid":{"rendered":""},"modified":"2015-12-31T10:58:13","modified_gmt":"2015-12-31T05:28:13","slug":"rbi-revised-the-guidelines-of-concurrent-audit-system-in-commercial-banks","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/miscellaneous\/rbi-revised-the-guidelines-of-concurrent-audit-system-in-commercial-banks\/","title":{"rendered":"RBI revised the guidelines of Concurrent Audit System in Commercial Banks"},"content":{"rendered":"

RBI\/2015-16\/133
DBS.CO.ARS.No. BC. 2\/08.91.021\/2015-16<\/strong><\/p>\n

July 16, 2015<\/strong><\/p>\n

The Chairman & Managing Director\/
Chief Executive Officers of
all Scheduled Commercial Banks
(other than Regional Rural Banks)<\/strong><\/p>\n

Dear Sir<\/p>\n

Concurrent Audit System in Commercial Banks – Revision of RBI’s Guidelines<\/p>\n

As you are aware, guidelines on ‘concurrent audit system in commercial banks’ were issued by us vide our circular DOS.No.BC.16\/08.91.021\/96 dated August 14, 1996 setting out the scope and coverage of concurrent audit system in commercial banks.<\/p>\n

In view of the changes since then in banks\u2019 organizational structure, business models, use of technology (implementation of Core Banking Solution), etc., a need was felt to have a relook at the concurrent audit system in the banking sector. Accordingly, the existing guidelines have been revised which are set out in Annex I<\/a>.<\/p>\n

2. Since the concurrent audit system is regarded as part of a bank’s early warning system to ensure timely detection of irregularities and lapses, which also helps in preventing fraudulent transactions at branches, the bank’s management may continue to bestow serious attention to the implementation of various aspects of the system such as selection of branches\/coverage of business operations, appointment of auditors, appropriate reporting procedures, follow-up\/rectification processes and utilization of the feedback from the system for appropriate and quick management decisions.<\/p>\n

3. You may ensure that, based on the revised guidelines indicated in Annex I<\/a>, a review of the present system of concurrent audit is carried out immediately and necessary changes are incorporated therein. The modified concurrent audit system of your bank should be placed before the Audit Committee of Board of Directors (ACB).<\/p>\n

4. The bank should, once in a year, review the effectiveness of the system and take necessary measures to correct the lacunae in the implementation of the Programme.<\/p>\n

Yours faithfully<\/p>\n

(Indrani Banerjee)
Chief General Manager<\/p>\n

Encl: As above<\/p>\n","protected":false},"excerpt":{"rendered":"

RBI\/2015-16\/133DBS.CO.ARS.No. BC. 2\/08.91.021\/2015-16 July 16, 2015 The Chairman & Managing Director\/Chief Executive Officers ofall Scheduled Commercial Banks(other than Regional Rural Banks) Dear Sir Concurrent Audit System in Commercial Banks – Revision of RBI’s Guidelines As you are aware, guidelines on ‘concurrent audit system in commercial banks’ were issued by us vide our circular DOS.No.BC.16\/08.91.021\/96 dated … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[11],"tags":[94],"yoast_head":"\nRBI revised the guidelines of Concurrent Audit System in Commercial Banks - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/miscellaneous\/rbi-revised-the-guidelines-of-concurrent-audit-system-in-commercial-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI revised the guidelines of Concurrent Audit System in Commercial Banks - All About Finance\" \/>\n<meta property=\"og:description\" content=\"RBI\/2015-16\/133DBS.CO.ARS.No. BC. 2\/08.91.021\/2015-16 July 16, 2015 The Chairman & Managing Director\/Chief Executive Officers ofall Scheduled Commercial Banks(other than Regional Rural Banks) Dear Sir Concurrent Audit System in Commercial Banks – Revision of RBI’s Guidelines As you are aware, guidelines on ‘concurrent audit system in commercial banks’ were issued by us vide our circular DOS.No.BC.16\/08.91.021\/96 dated ... 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