Need to eliminate ad hocism in auditor selection at PSBs: ICAI

A centralised system for auditor selection at public sector banks will help do away with "ad hocism", chartered accountants' apex body ICAI has said amid concerns over alleged malpractices in the whole process.

In the wake of the concerns flagged by the Institute of Chartered Accountants of India (ICAI), the Reserve Bank has advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors.

Welcoming the RBI move, which followed representations made by the institute, ICAI President Nilesh Shivji Vikamsey said the appointments should be made in a centralised way with the help of software.

"So what we advised and which RBI has luckily accepted is that appointment should be centralised and through a software.

There should be no ad hocism, no human intervention...," he told

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