Banks, which have shown interest to seek services of chartered accountants for internal audit, are Oriental Bank of Commerce (OBC), Allahabad Bank, Syndicate Bank, Punjab and Sind Bank and Bharat Overseas Bank."ICAI, through internal audit, would help banks in improving their internal control mechanism and set up uniform auditing policies in the banking sector," ICAI president Rahul Roy said.

He said chartered accountants would help in improving banking operations, make them more efficient and transparent and free from risks arising out of various kinds of frauds taking place in banks.

Under the concurrent audit (internal audit), chartered accountants would help banks in comprehensive credit audit, forex audit and auditing of dealing room operations.

Roysaid internal audit would help banks in curbing creation of new NPAs, reduction/elimination of financial risks out of faulty procedures or non-adherence of procedures.

In order to promote internal audit by chartered accountants, ICAI would provide technical training to its members, and create awareness in banking sector for such audit being introduced by banks, Roy said. ICAI president said the institute professional development committee chairman Vinod Jain is looking into the various aspects of internal audit and is giving presentation before various top management of banks.

Currently internal audit is being undertaken by the bank staff itself but it has not been very successful as there has been no uniform system for the banking system. Roy said we feel that chartered accountants can do it (internal audit) better without any pressures from banks internal staff.He said ICAI would help in evolving a uniform reporting pattern for banks, involve more chartered accountants in some special areas likemonitoring sick advances and stock inspections for banks.