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Financial Services Risk Insights

Long form audit report: Implications on bank governance Volume I

Weakening corporate balance sheets and bank balance sheets, along with the COVID-19 pandemic, has accelerated the pace of decay. The spike in the number of banking frauds, which is also highlighted in the RBI Annual Report for the period 2019-20, is an indication of the rising vulnerabilities of the financial system.

Given the uncertain times that we are in, it is imperative to decipher the happenings around us, especially within financial services. Our Financial Services Risk Insights series is an attempt to help understand the complex financial services ecosystem around us.

Volume I of this insight is focused on assessing the impact of the recent regulatory change around the requirements of the long form audit report as contained in the RBI Guidelines dated 5 September 2020 and its implication on bank governance.

We hope you find this publication interesting.