Though the external auditor does not have direct corporate governance responsibility, he must provide a check on the information aspects of the governance system, notably, whether the financial information given to investors and other stakeholders is reliable to help foster their confidence in the financial reports, are in line with the accounting standards and disclosure requirements and faithfully portray the economics of a transaction.
I would conclude by saying that rather than worrying about the new landscape that the banks would have to encounter, the brilliant minds assembled here must deliberate on the actions that they need to take to prepare the banking sector to face the upcoming challenges. I believe that the panel discussion would throw up some actionable ideas.