‘CAs are technically skilled to unearth banking frauds’

Source: The Hitavada      Date: 16 Apr 2018 11:09:59


 

Business Bureau,

ALTHOUGH Banking sector has changed a lot in recent times but banks are passing through a very bad phase due to continuous defaults by big borrowers. In this scenario wherein several banking frauds have come to fore, chartered accountant as an auditors play crucial role in enhancing the credibility of banks. This was observed by CA. Mahesh Rathi, Past Chairman of Nagpur Branch of ICAI while speaking as the chief guest at the seminar on ‘Bank Frauds’, organised by Nagpur Branch of ICAI.


He said, chartered accountants are technically skilled with various banking systems so as to enable the management to unearth leakages in the systems and unearth frauds. CAs are providing the best possible services while auditing public sector banks either as statutory auditor or as concurrent auditor, he added.


He requested CA community to help the banks to cope up with the dynamic changing scenario and appealed to help the bankers in identifying gaps in the systems to check frauds by willful defaulters.


Earlier, Chairman of Nagpur Branch CA Umang V Agrawal in his welcome address said that last decades there have been several changes in banking which has increased the risk assumed by the banks.
He said, chartered accountants should see bank audits as an opportunity to update themselves and see how frauds happen in the system. They should act as a bridge between bankers and borrowers.


He said, Government, bankers and society rely on the certification of chartered accountants and therefore utmost care should be taken during professional assignments.In the first technical session CA Shriniwas Joshi, Mumbai, presented paper on ‘Frauds in Loans and Advances.’
In the second technical session, Dr CA T S Rawal, Nagpur, presented paper on ‘Technological Frauds’ while Sudhakar Atre, Nagpur deliberated on the role of auditors in discovering frauds in banking sector. All the speakers resolved various queries of the participants in most effective manner.


CA Jiten Saglani, co-ordinated the inaugural session while CA Suren Duragkar and CA Saket Bagdia coordinated the technical sessions of the seminar. Secretary of the Branch CA Kirit Kalyani proposed the vote of thanks.
Prominently present on the occasion were CA Swapnil Agrawal, CA Kirti Agrawal, Past Chairmen, CA P C Sarda, CA Pranav Joshi, CA Girish Buty, CA Jayant Ranwadkar and 150 chartered accountants.