Attra will likely be liable for overseeing statutory audit features within the financial institution in addition to coordinating with the banking regulator and the National Financial Reporting Authority on auditor associated points. ET had reported in June that the state-owned lender had invited purposes to laterally rent a chief monetary officer on contract, providing to pay the candidate as much as Rs 1 crore a yr – considerably greater than the usual wage of the financial institution’s chairman.
The choice to laterally rent a CFO comes after the lender had sought clarification from the central financial institution on its mandate to nominate specialised officers who’re certified chartered accountants. With speedy adjustments within the banking sector, the central financial institution had urged banks to nominate certified personnel to move crucial features resembling finance to make sure a greater danger governance framework.
In the rules printed in May 2017, the central financial institution had beneficial qualification as a chartered accountant and an expertise of 15 years for the CFO’s publish, in addition to expertise in overseeing monetary operations – ideally, accounting and taxation issues.