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Karnataka Bank Ltd conducted a conference for concurrent auditors of the bank in Bengaluru recently.
A press release said here on Friday that P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, who spoke on the occasion, reiterated the role of concurrent auditors in the early detection of irregularities and frauds. He requested the auditors to exercise professional independence while reporting the findings.
BA Prabhakar, independent director on the board of the bank, said that effective concurrent audit system would help ensure compliance with ‘know your customer’ (KYC) and ‘anti-money laundering’ norms, and in the prevention of frauds and detection of income leakage etc.
The conference discussed about new guidelines issued by Reserve Bank of India on concurrent audit system in banks, KYC compliance, house keeping, tax matters and areas relating to credit and compliance, the release added.
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