The auditors did nothing other than whinning and dinning. How come SWIFT trails were not auditedfor so many years? How come there was no reconciliation of LOUs and amount credited to PNBs nostra account?
How come LOUs which were short in nature were extended to 360 days instead of 90 days?
Why did the auditor not check whether LOU's are backed by collateral which is the norm in industry?
The auditors both internal and external were hand in gloves or simply ignored these facts.
If you couldnot detect the above points you are not fit to be an auditor The auditors failed miserably in governance and ICAI has to take the blame partly. With govt bringing in a regulatory body to monitor the CA's the monopoly of this cosy club of CA's is ocer
Re: hogwash
by Ram Niwas on Feb 28, 2018 01:43 PM
PNB Scam was actually failure of RBI as well who could not monitor the sacm for such a long period . The scam was disclosed by single honest official who deserves to be honored for his honesty . Even now some muiltinational companies have been minting money like anything perhaps with the support of of Govt.These companies must be taking loans from various banks to promote their business. Govt must monitor as to how companies earn Thosans crores of Ruopees in a single year without support of the banking system.If people are repaying back that should be okay but in case they are defaulters they must be booked along with Banks advancing unnecessary loans.
Re: hogwash
by Ram Niwas on Feb 28, 2018 01:43 PM
PNB Scam was actually failure of RBI as well who could not monitor the sacm for such a long period . The scam was disclosed by single honest official who deserves to be honored for his honesty . Even now some muiltinational companies have been minting money like anything perhaps with the support of of Govt.These companies must be taking loans from various banks to promote their business. Govt must monitor as to how companies earn Thosans crores of Ruopees in a single year without support of the banking system.If people are repaying back that should be okay but in case they are defaulters they must be booked along with Banks advancing unnecessary loans.
