TAX CONNECT IN MEDIA
ECONOMIC TIMES : Tax Connect’s Partner shared his views on increased bank frauds reported RBI Annual Report
FINANCIAL EXPRESS :
Commenting on the issue, Vivek Jalan, Partner at Tax Connect Advisory services LLP, said the root cause lies in the lag between occurrence and detection of frauds.
“In large frauds (Rs 100 crore and above), the average lag was almost 5 years which by any standard is not acceptable. What is needed is Real Time Warning Signals (RTWS) instead of Early Warning Signals (EWS). Also the strengthening of concurrent audits in banks is a possible way forward,” he said.