With auditors’ role coming under the lens in the ₹12,700-crore fraud at Punjab National Bank, ICAI President Naveen ND Gupta has flagged concerns about perception gap for chartered accountants even as he emphasised the need to “rekindle the credibility as core to our existence and growth”.
Gupta, who took over the reins of the ICAI last month, said chartered accountant profession owes its sustainability to strong regimen of ethics. Against the backdrop of various corporate frauds, including in the banking sector, there are concerns about lapses on part of auditors in detecting the alleged misdoings.
Pointing out that time of disruptions is a time for introspection and taking corrective actions, if so needed, Gupta said the exercise of bank branch audit assumes a paramount importance for the banking industry and banking regulators, among others.
