Summary:
New Delhi, Oct 25 (PTI) Reserve Bank Governor Shaktikanta Das on Monday said that accurate and analytical audit reports are essential for financial stability and growth as they instil confidence among members of the public.
In case of the public sector, auditing is a cornerstone of good governance, he said while addressing officers at the National Academy of Audit and Accounts (NAAA).
“By providing unbiased and objective assessments of whether public resources are managed responsibly and effectively to achieve the intended results, a fair and impartial audit instils confidence among citizens and stakeholders," he stated.
Observing that fair and impartial audit in a globally integrated economy is not just a domestic concern, he said, it also an instrument to enhance the country"s reputation and credibility on a global stage.
"With increasing complexity of financial markets and higher expectations from the public about efficient resource allocation, the role of audit has become even more important.
“As India aspires to grow faster, the expertise and independence of auditors will have to be leveraged to provide more assurance on financial performance to all stakeholders.