Recorded RBI impact
Directive prohibition
Directive prohibition · Fresh imposition
Published by RBI
3 Jun 2019
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.
Why RBI Acted
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.
Operating Impact
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.
Action Facts
- Primary Impact
- Directive prohibition
- Order Date
- 29 Jun 2018
- Effective From
- 1 Apr 2019
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Other