‘Concurrent auditor plays a big role in monitoring NPAs’

Source: The Hitavada      Date: 15 Jun 2017 09:36:13


Business Bureau,

CONCURRENT audit is an area where opportunities for chartered accountants are increasing day by day. It can be a very effective tool for not only auditors but also for the management.

“In the existing scenario concurrent auditor has to play a major role in monitoring of non performing assets (NPAs) and its timely reporting,” said past Vice Chairman of WIRC CA Makrand Joshi. He was speaking as the chief guest at the inauguration of ‘301st certificate course on concurrent audit of banks’ hosted by Nagpur Branch of ICAI.

He highlighted that report should be submitted on timely basis which should be drafted well considering all important areas of banks including suggestions for better and effective controls. He explained that concurrent audit was started on the suggestions of Ghosh Committee by Reserve Bank of India (RBI).

Chairman of Nagpur Branch of ICAI CA Sandeep Jotwani in his welcome address mentioned that with the changing times the role of concurrent auditor has increased manifold. “We are shifting towards a world where major focus will be on catching things at the time of occurrence for effective control wherein concurrent audit will play a very important role,” he said.
It’s important for concurrent auditor to stay updated about the various developments and various regulatory requirements for which such certificate courses play a very important role to help the auditors to bestow their responsibilities effectively, he further added.

CA Suren Duragkar, Secretary of Nagpur Branch of ICAI co-ordinated the programme whereas CA Kirit Kalyani, Treasurer of the branch proposed formal vote of thanks.
Prominently present on the occasion were CA Uday Kulkarni, CA Surjeet Singh Bhasin, CA Hitesh Agrawal, CA Nitin Sachdeva and members in
large numbers.