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The Reserve Bank of India recently issued a circular that substantially altered the ground rules under which financial services companies of significant size are audited. While the RBI’s intentions are sensible, and the reasons for the changes are clear and comprehensible, the central criticism is that these new rules will be difficult, costly and complex to implement. The regulator will have to do more work, together with audit firms and large financial services companies, to figure out how the principles underlying the new rules can successfully be applied, argues our lead editorial. Read here
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