It is important that the ACB asks the right questions to the management about various underlying assumptions that go into computation of the required provisions such as life expectancy, discount rate, expected return on investments, etc. I urge the ACBs to ask uncomfortable questions.
Going forward, under a full-fledged RBS process, RBI’s dependence on auditors is only going to increase and a very competent ACB will provide a great deal of supervisory comfort to us. Role of Audit Committees in Group companies 10. As a financial conglomerate, ICICI Group pursues diverse business interests which subject it to the regulations of various domestic and overseas regulators.