Published On : Thu, Jun 13th, 2019

Concurrent Auditors are extended arms of Bank Management – Ms. Renuka Wachasunder

Speaking as Chief Guest in the inaugural session of the Certificate Course on Concurrent Audit of Banks, hosted by the Nagpur Branch of WIRC of ICAI, Ms. Renuka Wachasunder, Zonal Head of Saraswat Co-op Bank Ltd, Nagpur, expressed that a Bank’s Management looks upon Concurrent Auditors as the key stakeholders, as they perform the function prescribed by the management while doing the concurrent at the branches and thus help management in achieving their goals.

Ms. Renuka Wachasunder further stated that Concurrent audit as the name suggests is a parallel audit engagement of transactions of the bank wherein the auditors pick up areas based upon a predefined scope and the output of the engagement is very much useful to the bank branches in rectifying errors, mistakes and non adherence of management guidelines in the time bound manner. She said that because of timely report of the concurrent auditors the Bank management is able to take proper decision for the benefit of their customers and protect the interest of the stakeholders that is why it is the extended arms of the Bank management. She expressed satisfaction about the concurrent audit conducted by the chartered accountants in professional manner and also gave some tips and advice to over 70 delegates who were qualified Chartered Accountants registered at this course.

CA. Suren Duragkar, Chairman, Nagpur Branch of WIRC of ICAI welcomed the Chief Guest and said that she is very dynamic and helpful Banker whose understanding the business parameters is excellence at par. He thanked Internal Audit Standard Board of ICAI, for entrusting the responsibility on the shoulder of Nagpur Branch to host this course. This Concurrent Audit Course is much more popular amongst members as it throws light upon various areas relevant to day to day banking. Further this course is made mandatory for getting empanelled as concurrent auditors of branches and in times to come the number of branches wherein concurrent audit will be required to be conducted will increase significantly providing a good opportunity to CA members to grow their practice.

CA. Abhijit Kelkar, Regional Council Member of WIRC of ICAI stated that CA members from various parts of Vidarbha have joined for this 6 days course which is exhaustive learning for the branch auditors as it helps them in understanding the key expectations of the management as well as makes the branch pro-active in coping up with various errors and non compliance on concurrent basis.

CA. Jiten Saglani, Treasurer of the Branch has coordinated the programme whereas Secretary CA. Saket Bagdia, proposed formal vote of thanks.

Prominently present on the occasion were Managing Committee Members of Nagpur Branch, CA. Kirit Kalyani, Vice Chairman, CA. Sanjay Agrawal (WICASA Chairman) & CA. Harish Rangwani, Executive member amongst others including Faculty Shri V. Somashekhar, Bangaluru.