Jaitley blames CAs,Auditors,Bankers in the PNB Scam

Finance Minister Arun Jaitley blames Chartered Accountants,auditors and bankers  in the 11,400 Crore PNB Scam.Almost a week after the 11,400 Crore Nirav Modi case ,Jaitley broke his silence and held the auditors and bankers responsible for the scam.Mr. Jaitley said when bank managements get the authority to take decisions, they are expected to utilise it effectively and in the right manner.The question for the bank management was if they were found lacking.”And on the face of it, the answer seems, yes they were. They were also found lacking in being able to check who amongst them, were the errants here,” Mr Jaitley told in the annual meeting of the Association of Development Financing Institutions in Asia and the Pacific at Delhi on Tuesday.

Jaitley also interrogated the role of auditors in the banks.”What are our auditors doing? Both internal and external auditors really have looked the other way or failed to detect… .He also added that there is an important challenge where the supervisory agencies have now to introspect what are the additional mechanisms they have to put in place to make sure that stray cases don’t become a pattern and it is nipped in the bud.

 

 

Image Courtesy : The Hindu