'Introspect': Arun Jaitley's advice to auditors over PNB scam
February 20, 2018  19:53
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Finance Minister Arun Jaitley on Tuesday hit out at auditors and supervisory agencies, asking them to "introspect" to avoid cases of financial wrongdoing. 

"Also what were auditors doing? If both internal and external auditors have looked the other way and failed to detect, then I think CA professionals must introspect. Supervisory agencies also must introspect (about) what are the additional mechanisms they have to put in place," Jaitley said. 

His comment comes in the backdrop of the Rs 11,300 crore Punjab National Bank fraud, for which Nirav Modi, his wife, brother, and business partner Mehul Choksi were booked by the CBI on January 31.

The minister also drew attention to the responsibility of the state to "chase those who cheat the banking system."

Jaitley also singled out bank managements for being unable to "utilise authority effectively and in the right manner."
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