Therefore, both external and internal auditors have a key role to play in strengthening corporate governance as they are the third line of defence within the combined assurance frameworks after the risk management control and compliance functions.
However, even as the crisis started unwinding and inflation rose sharply to double-digits, the government persisted with an expansionary fiscal stance. 37. By far the biggest concern stemming from the large fiscal deficit, especially from the Reserve Bank’s perspective, is that it adds to aggregate demand and thereby to inflation pressures.