ICAI begins investigation of accounting contradictions at Indusind Bank

The Institute of Legal Accountants in India (ICAI) began an investigation into accounting contradictions in Forex derivatives at Indusind Bank.

ICAI president, Charangot Singh Nanda, said that ICAI’s financial reports review council began on Thursday a review of Suo Moto in the case.

In an interview with the works today, Nanda said that FRB at its 140th meeting on Thursday decided to start reviewing Indusind. He explained that this will include financial statements and the legal auditor reports of the private sector lender for the financial years 2023-24 and 2024-25.

Nanda said: “This is a pre -emptive decision made by FRB. Based on its review, if any variations are found, the matter will be referred to the disciplinary directorate of ICAI,” Nanda said.

FRB is an important wing of ICAI that is looking to comply with the principles of accounting and reviews the general financial statements of institutions and auditors reports.

It also reviews Gensol and Blusmart Mobility for the fiscal year 2023-24.

Nanda said it is possible that both reviews will be completed within six months.

The Disciplinary Committee of ICAI is conducting listening sessions to investigate potential lapses by BYJU auditors.

In the case of Indusind, Sebi imposed a temporary ban on a commercial ban on the former CEO of Indusind Bank Sumant Kathpalia and four senior executives claiming that participants in trading from the interior linked to a major financial regularity in the bank.