RBI revises audit norms for banks to improve risk management systems

"The overall objective of the LFAR should be to identify and assess the gaps and vulnerable areas in the business operations, risk management, compliance and the efficacy of internal audit and provide an independent opinion on the same to the Board of the bank and provide their observations," the RBI said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-revises-audit-norms-for-banks-to-improve-risk-management/articleshow/77952414.cms