The Reserve Bank of India on Monday barred S R Batliboi & Co LLP, one of India’s leading chartered accountancy firms, from taking up statutory audit of commercial banks for one year on account of lapses in an audit assignment. However, the RBI did not disclose the details of the lapses by S R Batliboi & Co.
The one-year period starts from April 1, 2019, the RBI said in a release. In June 2018, the RBI had put in place an enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks. “On account of the lapses identified in a statutory audit assignment carried out by the firm, S.R.Batliboi & Co. LLP, Chartered Accountants, it has been decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019,” the RBI release said.