ICAI to question SBI on high provisions in Q4 FY 11
The results–the first to be announced by the bank`s newly-appointed Chairman Pratip Chaudhuri–led to a sharp fall in the SBI scrip on the bourses. Since the announcement, Chaudhuri has assuaged investor unease, saying the bank`s profit will come back to normal in the quarters ahead.
Ramaswamy said, if required, the ICAI will also seek data from SBI`s auditors and summon them with regard to the matter and added that the sector regulator "RBI should appoint auditors for banks."
The ICAI took up the SBI provisions issue when one of the council members brought up the issue at its executive council meet, he said.
When asked about the Satyam case, Ramaswamy said ICAI expects to complete its inquiry in the next three months.
The ICAI has also decided to establish a study group to go into allegations of black money stashed abroad and help the Government which is investigating the issue separately.