ICAI may review financial statements of IndusInd Bank amid accounting discrepancies

New Delhi: Apex body of chartered accountants can review the financial statements of ICAI, IndusInd Bank, which is estimated to be Rs 2,100 crore. The private sector lender revealed some discrepancies in its derivatives portfolio on 10 March, which, according to its internal review, could adversely affect the bank’s total value as a December 2024.
Analysts exactly put the discrepancy for Rs 2,100 crore.
Against this background, the Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is likely to review the bank’s financial statements.
“As an active remedy, ICAI-FRRB can review the financial statements of IndusInd Bank,” ICAI President Charanjot Singh Nanda told PTI on Thursday.
The FRRB reviews the financial statements of companies to assess compliance with audit standards for auditing, auditing, schedule II and III of the Companies Act, 2013, among others.
In addition, FRRB assesses compliance of various guidance notes on accounting and auditing, and the Master Circular/ Instructions issued by the Reserve Bank of India (RBI).
Most of the audit accountants perform most audit functions.
The IndusInd Bank also said that the accounting was noted around September-October last year and the bank had given an initial update to the RBI in this regard last week.
The final figure will be known after the external agency, which the bank has appointed, finalizes its report by the beginning of April.