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ICAI to complete IndusInd, Gensol review in 6 months: Charanjot Singh Nanda
The Institute of Chartered Accountants of India (ICAI) is likely to complete the initial review of IndusInd Bank and Gensol Engineering within the next six months, the institute's president, Charanjot Singh Nanda, told reporters on Wednesday.
Nanda was announcing the Global Capability Centres (GCC) summit series being hosted by ICAI later this month in New Delhi, Ahmedabad (GIFT City), Mumbai and Hyderabad.
The ICAI's Financial Reporting and Review Board (FRRB) has recently undertaken the review of the financial statements and the statutory auditors' reports of IndusInd Bank for the financial years 2023–24 and 2024–25. The board is also looking into the same for Gensol Engineering and BluSmart Mobility Private Limited for the financial year 2023–24 on a suo motu basis.
The FRRB will make its recommendations to the disciplinary committee on whether further action is required to be taken against the professionals. The FRRB reviews compliance with the reporting requirements of various applicable statutes, accounting standards and standards on auditing.
On the setting up of an Indian Big Four advisory firm, Nanda said it could be achieved through the merger of some firms or the formation of a new firm altogether, but it would require substantial regulatory support.
'We need to have an equitable field and then the government would have to provide support to the Indian firms. We have the talent pool and are fully equipped to achieve this,' Nanda said.
The ICAI, along with the Securities and Exchange Board of India (Sebi) and the National Stock Exchange (NSE), is also in the process of determining early warning signs of fraud and lapses in companies.
'These will primarily be for listed companies but can be used by all companies as they will provide a template,' Nanda said.
Nanda said the ICAI has formed a dedicated group focused on promoting India as a global accounting and finance hub for GCCs.
He said India hosts over 1,800 GCCs, collectively employing more than 1.9 million professionals and contributing over $64 billion annually to the global economy.
'The world's leading organisations are not just outsourcing processes to India, they are bringing their most strategic and knowledge-intensive work to our shores,' Nanda added.
The ICAI president stressed that India was no longer just a support centre but the epicentre of global innovation, cybersecurity, analytics and AI-driven transformation.
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