RBI ask banks to align internal audit function with global best practices
RBI said while the guidance note lays out the basic approach for RBIA functions, banks are expected to re-orient their approach, in line with the evolving best practices, as a part of their overall Governance and Internal Control framework. PTI January 07, 2021 / 09:42 PM IST
The RBI on Thursday asked banks to align their internal audit function with international best practices, like those issued by the Basel Committee on Banking Supervision (BCBS).
As per a 2002 guidance note, banks are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within the bank, among others.
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‘Culture of fear’ at Western Washington University after auditors fired, prompting lawsuits and resignations By Asia Fields, The Seattle Times
Published: December 28, 2020, 8:01am
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The internal audit office at Western Washington University is tasked with investigating and preventing legal and financial risk. But it has instead become the epicenter of sudden firings, lawsuits and even a police escort from a board of trustees meeting in recent years.
After one former auditor sued, claiming he was pushed out over an audit of a former president’s travel expenses, Western settled for $216,000.
His successor, Antonia Allen, sued the university earlier this month for alleged retaliation and wrongful termination. Allen was fired soon after her office completed a contentious audit into the use of “ghost courses” to pad students’ credit loads, which her office reported as fraud to federal investigators.
Dec. 21, 2020 5:30 am ET
Internal auditors are testing their companiesâ controls over key processes and procedures earlier than normal and reevaluating risks as they deal with a wider range of issues that could imperil the business during the coronavirus pandemic.
Internal auditors assess companiesâ risk management, governance policies and control mechanisms, whereas external auditors evaluate the accuracy of financial reporting.
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Internal auditors do their work by examining documents and interviewing executives and other employees, while also monitoring how people execute certain strategies. They review their companyâs exposure to external risks such as cybersecurity or climate change and help with operational issues by, for example, suggesting cost cuts to reduce risks to the balance sheet.
Published: December 11, 2020, 09:58 AM IST
Castrol India Limited, India s leading automotive lubricants company, today announced that Deepesh Baxi will succeed Rashmi Joshi as Chief Financial Officer (CFO) and Wholetime Director, as she steps down from her current position on 31 December 2020.
Deepesh who is currently Financial Controller for Castrol s businesses globally will take up the role and join the Board on 1 January 2021. Rashmi will move to another leadership position in bp after having served Castrol India for seven years as CFO and Wholetime Director. Rashmi and Deepesh will work together between now and the end of December to ensure a seamless transition.