Financial Daily from THE HINDU group of publications
Monday, Sep 12, 2005
Financial Daily from THE HINDU group of publications Monday, Sep 12, 2005 |
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Money & Banking
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Co-operatives ICAI to initiate talks with RBI for having uniform audit report for co-ops K.R. Srivats
New Delhi , Sept. 11 A UNIFORM format of audit report for cooperatives and regional rural banks is on the cards. The Institute of Chartered Accountants of India (ICAI) plans to approach the Reserve Bank of India soon for this purpose, informed sources said. The format of audit reports of cooperatives and regional rural banks in various States of the country are not uniform and there is a need for some degree of harmony, say ICAI officials. The move to look at a uniform audit report format comes at a time when the Prime Minister, Dr Manmohan Singh, has expressed concern over the poor governance and absence of proper audit of cooperatives in the country. In his inaugural address at an interactive session with the State Governments on the report of the task force on co-operative credit structure, Dr Singh had noted that many States had cooperatives only in name, with very little stakeholder participation in their management. "There have been no elections held for years. Government officials and ministers at the State level run the affairs of many of these so called cooperatives. There is no proper audit, little accountability often and poor governance. The state of affairs must change and must change rapidly," Dr Manmohan Singh said.
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