Indian Banking system is most robust and has sustained the subprime crisis, said MVR Ravikumar, DGM State Bank of India, Nagpur Region while speaking as chief guest at a day-long seminar on ‘Bank Branch Audit’ organised by Nagpur Branch of WIRC of ICAI for its members at Hotel Centre Point, Ramdaspeth, Nagpur.
Ravikumar said that chartered accountants are the backbone of any economy and chartered accountants and bankers are partners in nation building. He said if any nation is to be called super power, only military power is not enough, it must have financial power, culture power along with soft power. Banks cannot work alone without support of chartered accountants.
He appreciated the efforts of Nagpur branch for providing continuous learning to its members. He further said that even bankers also have to learn continuously. The Audit Committee Board at banks is an independent department which has a robust IT system to detect fraud in banking system.
Continuous knowledge updation is the key to professional expertise, said Suren Duragkar, Chairman of Nagpur Branch of ICAI in his opening remarks. He informed about the future events to be organised by the Nagpur branch with specific emphasis on time management.
He said that Nagpur Branch always organised seminar as per the need of the members to abreast them about the recent changes taken place.
Regional Council Member Abhijit Kelkar, mentioned that with expectations from auditor increasing manifold, forensic approach is the need of the hour for doing bank audits.
Technical sessions were chaired by past vice-chairman of WIRC Julfesh Shah and past chairman of Nagpur branch Rajesh Khanzode.
The Speakers for the seminar were Central Council Member CA Shriniwas Joshi, CA Nitant Trilokekar from Mumbai, CA Gokul Rathi from Pune and CA Abhijit Sanzgiri from Mumbai. CA Shriniwas Joshi, CCM explained the Long Form Audit report and how Chartered Accountants should react on abnormal bank transactions and observations in the report. He mentioned that Chartered Accountants are the watchdogs for the society.
CA Nitant Trilokekar mentioned few instances wherein bank frauds were identified by the auditor and there by public money was safeguarded. CA Gokul Rathi mentioned about planning and documentations required while doing Bank Branch Audits and also explained the new UDIN regulations for certifications during the bank audits. CA Abhijit Sanzgiri explained the definition of NPA in banks and also elaborated in what circumstances auditor can mention specific accounts as NPA.
Prominently present on the occasion were Kirit Kalyani, Vice Chairman Nagpur Branch, Saket Bagdia, Secretary, Jiten Saglani, Treasurer, Sanjay Agrawal, WICASA Chairman, Akshay Gulhane and Harish Rangwani, Executive Committee members, Jaydeep Shah, past president, ICAI, Umang Agrawal, Aniruddha Shenwai, Satish Sarda, Swapnil Agrawal, Pankaj Agrawal, Sudhir Surana along with around 375 registered delegates.