The achievements of the past 10 years have been facilitated by the adoption and consistent pursuit of a clear monetary policy strategy, consisting basically of two elements: 1. The Governing Council of the ECB has defined price stability in quantitative terms, as an anchor for inflation expectations and to provide a yardstick against which it can meaningfully be held accountable.
Such undesirable practices and structures should draw the attention of the auditors. Since RBI, as the supervisor of the financial system, relies and leverages on the work done by auditors, the audit professionals are being sensitized through various fora to improve the quality of their reporting.