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RBI releases circular on risk-based internal audit for NBFCs, UCBs

RBI releases circular on risk-based internal audit for NBFCs, UCBs By IANS | Published on Wed, Feb 3 2021 13:57 IST | 0 Views Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News Mumbai, Feb 3 : The Reserve Bank of India (RBI) on Wednesday released a circular on risk-based internal audit (RBIA) for non-banking finance companies (NBFC) and urban co-operative banks (UCB). The circular covers all deposit taking and non-deposit taking NBFCs, including Core Investment Companies, with asset size of Rs 5,000 crore and above, and all Primary (Urban) Co-operative Banks (UCBs) with asset size of Rs 500 crore and above. It intends, to provide the essential requirements for a robust internal audit function, which include sufficient authority, stature, independence, resources and professional competence, so as to align these requirements in larger NBFCs, UCBs with those stipulated for scheduled commercial banks, said an RBI statement.

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RBI Wants Risk-based Internal Audits of NBFCs, Urban Co-Operative Banks

RBI Wants Risk-based Internal Audits of NBFCs, Urban Co-Operative Banks
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Moneylife digital teamRisk based internal auditsUrban cooperative banksReserve bankஆபத்து அடிப்படையிலானது உள் தணிக்கைநகர்ப்புற கூட்டுறவு வங்கிகள்இருப்பு வங்கி

Strengthening The Internal Audit

Strengthening The Internal Audit Feroz Ahmed Mir, Shafat Yehya Social responsibility has been an accepted convention in India for ages although most often its manifestation was to be found in philanthropy and community welfare initiatives. Nowadays public expenditure has increased and how the money is spent and the quality of services it provides is an important issue to users of public service and simultaneously tax payers including management. The Audit Institutions play an important role in enhancing good governance for public assets, to foster integrity, transparency, accountability within the public entities. The Internal Audit function is a key component of Public Financial Management.Directorate of Audit and Inspections has been conducting internal audit Of Government Departments of Jammu and Kashmir since 1996.

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RBI to banks: Ensure authority, stature, independence, resources to internal audit function

RBI to banks: Ensure authority, stature, independence, resources to internal audit function January 08, 2021 Forbids outsourcing the function; however, experts, including former staff, can be hired on contract The Reserve Bank of India (RBI) has asked banks to ensure that the internal audit function has sufficient authority, stature, independence and resources within the bank to enable internal auditors to carry out their assignments with objectivity. It also emphasised that this function cannot be outsourced. These directives are aimed at strengthening governance arrangements in banks under the Risk-Based Internal Audit (RBIA) Framework. The central bank said the Head of Internal Audit (HIA) should be a senior executive of the bank with the ability to exercise independent judgement.

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