India, Oct. 21 -- The recent incident regarding the failure of the Punjab And Maharashtra Cooperative (PMC) bank has once again shown the ugly face of the Indian Banking System (IBS). It has shattered the belief of lakhs of people who deposit their hard-earned money in the banks to keep it safe and secure. But, it has also unmasked how the bank regulators including the Reserve Bank of India (RBI) and the National Bank For Agriculture And Rural Development (NABARD), the internal auditors, and the statutory auditors are not serious and vigilant, and go about business with their eyes closed.
Alicia Tuovila, in an article in Investopedia.com, defines statutory audit as "A legally required review of the accuracy of a company's or government's f...