Countries’ government ratios were in the order of scarcely more than ten per cent at that time. The adjustments that were necessary given a change in competitive conditions -- which, naturally enough, primarily concern the private sector -- were spread comparatively widely over the major part of the economy.
Against this backdrop, the recent comments of the Governor, Reserve Bank, on the need for auditors to concentrate on the audit of head office of banks as against audit of branches given the emergence of core banking, centralised record keeping and even centralised risk management, are very relevant. Concluding remarks The recent global financial crisis underscored the fact that risks and shocks are unavoidable.