RBI group to advise on accounting issues

The Reserve Bank of India plans to establish a small group comprising representatives from the Institute of Chartered Accountants of India (ICAI) and the central bank to discuss matters relating to audit and accounting standards.

The group would meet at periodic intervals to discuss issues relating to standardisation of audit formats, concurrent audit of banks, empanelment of auditors and implementation of certain accounting standards, RBI governor Y V Reddy said in his address at a seminar on