Banks can set their own policies regarding concurrent audits, says RBI

The Reserve Bank of India (RBI) on Thursday said banks can set their own policies regarding concurrent audits but should cover basic minimum areas prescribed by the central bank.
 
Earlier, the central bank used to formulate rules for concurrent audits, which are done to shorten the interval between a transaction and its audit. The idea is to develop sound internal accounting, minimising errors, and preventing frauds.
 
However, with the rise of many kinds of banks, a common programme for all cannot be set, the RBI said. Rather, “the scope of work to be entrusted to concurrent auditors, coverage