MUMBAI: The Reserve Bank of India (RBI) on Monday said it has barred audit firm S.R.Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year starting 1 April 2019, citing lapses in a statutory audit. “On account of the lapses identified in a statutory audit assignment carried out by the firm, M/s S.R. Llp., chartered accountants, it has been 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 regulator said. The central bank’s action is based on its enforcement framework released in June last year for statutory auditors for lapses in audit of commercial banks. "We have learnt of this development from the press release issued by RBI and are not aware of further details.

Source: Mint June 03, 2019 14:49 UTC