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To check fraud, CVC starts examining audit reports of state-run banks, insurance companies

To check fraud, CVC starts examining audit reports of state-run banks, insurance companies

Finance
Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. The move assumes significance with banks reporting large scale fraud cases and the high number of bad loans or non-performing assets, they said. Vigilance Commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies. "The same (audit reports) are analysed in the Commission and a corrective action plan is advised for time-bound implementation," he said. Chief vigilance officers act as a distant arm of the ...