Regulators
Audit and Inspection for Regulators
Audit and Inspection for Regulators in India primarily refers to the processes and standards that regulatory bodies follow to ensure compliance, risk mitigation, and operational soundness in various industries like banking, finance, healthcare, manufacturing, and more.
Types of Audit for Regulators
Compliance Audit
Assess adherence to legal and regulatory requirements
Example: RBI's inspection of banks under the Banking Regulation Act, 1949.
Financial Audit
Evaluate financial statements to ensure fair presentation
Example: MCA's scrutiny of corporate filings.
Operational Audit
Examine the efficiency and effectiveness of processes and internal controls
Example: SEBI's inspection of stockbrokers' operations.
Risk-based Audit
Focus on areas with high risks identified through prior assessments
Example: RBI’s Risk-Based Supervision (RBS) framework for banks.
Thematic Audit
Target specific themes such as cybersecurity, KYC compliance, or environmental sustainability
Example: IRDAI’s inspection on claims management practices.
Special Audit
Triggered by specific events or complaints
Example: GST authorities' audits based on suspicious input tax credit (ITC) claims.
Finakon’s Digital Audit solutions are designed to meet all the strict statutory and regulator audit requirements.
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