On Monday, RBI in stringent enforcement action, terminated S.R. Batliboi & Co LLP from carrying out statutory audit assignments in commercial banks for one year starting April 1, 2019.
This is the immediate fallout of the IANS campaign to disbar rogue auditors who were involved in the IL & FS mess. The ban is with retrospective effect.
The RBI, vide its press release dated June 29, 2018, had put in place an enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks. In terms of the aforesaid enforcement action framework, on account of the lapses identified in a statutory audit assignment carried out by the firm, M/s S.R. Batliboi & Co. LLP, Chartered Accountants (ICAI Firm Registration Number: 301003E), it was decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019.
The action taken in the matter has been communicated to the Institute of Chartered Accountants of India.
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