Enforcement action in respect of statutory auditors of commercial banks
Case Brief
RBI invoked its enforcement action framework for statutory auditors of commercial banks and found lapses in a statutory audit assignment carried out by M/s S.R.Batliboi & Co. LLP, Chartered Accountants. Consequently, RBI decided not to approve the firm for statutory audit assignments in commercial banks for one year beginning April 1, 2019. The decision was also communicated to the Institute of Chartered Accountants of India.
Under the enforcement action framework for statutory auditors of commercial banks, RBI found lapses in a statutory audit assignment carried out by M/s S.R.Batliboi & Co. LLP, Chartered Accountants (ICAI Firm Registration Number: 301003E). As a result, RBI decided not to approve the firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019. The action was communicated to the Institute of Chartered Accountants of India.
Severity Assessment
This is a targeted prohibition on a specific professional activity for one year, which fits the cease-and-desist/targeted restriction floor of severity 3.
The firm cannot be approved for statutory audit assignments in commercial banks for the one-year period starting April 1, 2019. This restricts its ability to audit commercial banks during the ban and may affect its current and prospective bank audit engagements.
Published as M/s S.R.Batliboi & Co. LLP
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