BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allahabad bank and Dena Bank
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Dena Bank and Oriental Bank of Commerce (OBC)
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Punjab National Bank and Punjab Sindh Bank
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Union Bank of India and Oriental Bank of Commerce (OBC)
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Detailed explanation-1: -Legal experts say Sebi typically orders forensic audits of listed companies if they suspect manipulation of books of accounts and its subsidiaries, misrepresentation of financials and business operations, and wrongful diversion or siphoning of company funds by promoters, directors and key managerial persons.
Detailed explanation-2: -As per RBI circular, the forensic audit must be completed within a maximum period of three months from the date of the JLF meeting authorising the audit.
Detailed explanation-3: -A forensic audit is an examination and evaluation of a firm’s or individual’s financial records. During a forensic audit, an auditor seeks to derive evidence that could potentially be used in court. A forensic audit is used to uncover criminal behavior such as fraud or embezzlement.
Detailed explanation-4: -To conduct a truthful, unbiased audit, and investigation, a forensic audit is always assigned to an independent firm/group of investigators.