Certificate of the Statutory Auditor on the Status of Compliance
Based on the work done, the auditor should assess whether any information obtained during the verification indicates that any of the recommendations of the Ghosh and Jilani Committees have not been implemented, either in full or in part. The auditor may consider expressing either disclaimer or appropriate comments in respect of certain clauses such as Item Nos. 1.1 and 1.11 of Part II of Group A of Ghosh Committee.
The above-mentioned Certificate should describe the scope of the verification undertaken to enable the readers to understand the nature of work performed and make it clear that a full fledged investigation had not been undertaken. The Certificate of the auditor should also draw attention to the following facts:
That the responsibility for the implementation of the recommendations of the Ghosh and the Jilani Committees is solely that of the management of the bank.
That the auditor has also considered the reports of all or certain, as the case may be, concurrent auditors/inspectors of the bank branches on the status of implementation of the recommendations of the Ghosh and Jilani Committees at the branch office and controlling offices.
That the verification was limited primarily to enquiries and obtaining confirmations from the management and other appropriate persons.
That the auditor has carried out test checks to assess the status of implementation of the recommendations of the Ghosh and Jilani Committees.
The Annexure A to this Chapter provides an illustrative format of the auditor’s certificate w.r.t. compliance with/ implementation of the recommendations of the Ghosh and Jilani Committees.