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Addressing officers at the National Academy of Audit and Accounts, Das said that audit is important for the country as public expenditure decisions are based on these reports.
Observing that there is a need to improve the quality and depth of audit, he said the Reserve Bank has taken a host of steps in consultation with the Institute of Chartered Accountants of India (ICAI) for improving the audit of banks and financial institutions.
Listing out some of the recent measures, he said, the risk-based internal audit system for commercial banks was strengthened in January this year.
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”With globalization and increasing complexities of the financial system, audit as a public good has become vital for a sound, stable and vibrant financial system,” he said.
He urged the auditor community to update and upgrade skills on a constant basis, and perform their task in the most effective manner.