Jammu, March 26: J&K Branch of the NIRC of the Institute of Chartered Accountants of India organized a seminar on Monday on Statutory Audit of Banks and Usage of Commands in FINACLE-7 Software which was presided over by the Chairman & CEO of J&K Bank Parvez Ahmed as Chief Guest on the occasion.
Senior Chartered Accountant Niranjan Joshi was the Guest Speaker & Key resource on Statutory Audit of Banks.
“It is my strong belief that to maintain the momentum of economic growth in India, it is of utmost importance to ensure that banking sector stays healthy, safe and sound,” said Ahmed in his opening remarks on the occasion.
He said for the safe and sound banking sector, one of the most important factors is reliable financial information supported by quality bank audits.
“The present scenario requires special and added attention of bank auditors who are entrusted with the responsibility of bank audits as their professional duty,” Ahmed said.
Contemporarily, the banks are exposed to number of audits such as statutory audits for which this seminar is meant for, concurrent audit IT audit, credit / legal / stock audits.
“Not only this, the regulator (RBI) also conducts risk based audit and these audits are the backbone of the public trust reposed in the banking sector by millions of customers. As such, bank audit is of paramount importance for the banking sector and banking regulator, as well as auditors and for our nation as a whole.”
He said that maintaining audit quality in bank audits is of great significance and for this there are huge expectations from the Chartered Accountants in their role of auditors.
Let’s keep the tradition of societal trust intact, J&K Bank Chairman said the Chairman.
He urged the Chartered Accounts of J&K to undertake capacity building of young entrepreneurs on a voluntary & proactive basis to develop the state economy.
Ahmed also underscored that though implementation of regulatory guidelines in letter and spirit should be the critical area but the context in which audit is being conducted should be kept in mind especially in the fragile environment of our state where at times we need to have mentoring and handholding approach.
He said that maintaining audit quality in bank requires besides normal audit skills, a balanced mind set, a pragmatic approach to business and a holistic vision to discharge attest function in larger interest of economy He appreciated the efforts of J&K Branch of ICAI for Conducting the Seminar and stressed upon the need to have more such sessions for brainstorming on such issues. Earlier CA.
Niranjan Joshi made a detailed technical presentation on Statutory Audit of Banks wherein he also addressed the queries of the members on the subject matter.
It was followed by a session on Usage of Commands in FINACLE-7 Software by a team of technical experts of the bank lead by Mohammad Muzaffar Wani, Assistant Vice President.
A live hands on session about various Commands of FINACLE-7 Software that were relevant from the point of view of Statutory Audit of Banks were also demonstrated. CA.
Shalay Razdan, Chairman of the branch earlier welcomed & introduced the Chief Guest and the guest faculties and delivered the inaugural address.
CA.Nakul Saraf, Secretary of the Branch conducted the proceedings of the seminar and CA.Vinay Jamwal, Treasurer of the branch presented the formal vote of thanks. JKCASA Chairman of the branch CA. Arvind Jamwal along with a large number of chartered accountants & senior officials of J&K Bank were also present at the occasion.
