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The Print
5 days ago
- Business
- The Print
ICAI to review financial statements of IndusInd Bank
'It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25,' ICAI President Charanjot Singh Nanda told PTI on Thursday. The institute's Financial Reporting Review Board (FRRB) will carry out the review. New Delhi, May 29 (PTI) The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding Rs 674 crore incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. PTI RAM NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
5 days ago
- Business
- Mint
IndusInd Bank crisis: ICAI to review financial statements of fraud-hit private lender for FY24, FY25
The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. The institute's Financial Reporting Review Board (FRRB) will carry out the review. "It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25," ICAI President Charanjot Singh Nanda told PTI on Thursday. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. FRRB assesses compliance with guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a ₹ 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding ₹ 674 crore incorrectly recorded as interest from microfinance business, besides a ₹ 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. IndusInd Bank reported a net loss of ₹ 2,328.9 crore on a consolidated basis for the fourth quarter ended March 31, 2025, mainly on account of higher provisioning and lower income. The private sector bank has been embroiled in accounting lapses, fraud in microfinance portfolio and balance sheet disclosures during the March quarter of FY'25, which triggered an internal audit review, top-level resignations, and a forensics probe. The bank had a consolidated net profit of ₹ 2,349.15 crore in the March quarter of 2023-24. The bank has made provisioning of ₹ 2,522 crore during the March quarter of FY25, up from ₹ 950 crore provisioning made in the corresponding period in FY'24. Bank's interest income during the quarter fell 13 per cent to ₹ 10,634 crore from ₹ 12,199 crore in the March quarter of FY'24. For the full 2024-25 fiscal, IndusInd Bank reported over 71 per cent drop in net profit to ₹ 2,576 crore. In FY'24, the bank had a net profit of ₹ 8,977 crore.
India Today
10-05-2025
- Business
- India Today
Indian Chartered Institute calls on its ‘Financial Soldiers' to stand by armed forces
The Institute of Chartered Accountants of India (ICAI) has appealed to its members and students numbering 14 lakh to come forward and lend their support to the Armed Forces and the nation in the current standoff with operations in almost 17,000 pin codes and 13 offices near the India-Pakistan border, ICAI has appealed for volunteers to assist in relief institute stated that it can assist with evacuations, establish shelter camps for the displaced, provide ambulances and oxygen, and distribute medicines. ICAI also intends to organise blood donation camps and other emergency services. The institute also requested its members to remain vigilant and report any anti-national or suspicious activities. ICAI stated that its members are willing to assist in any manner possible to safeguard the security of the APPEAL BY PRESIDENTICAI President CA Charanjot Singh Nanda commended the Indian Armed Forces and stated that ICAI members are ready to serve the country, not only with words but also with stated that the fraternity salutes the martyrdom of those perished in the Pahalgam terrorist attack and supports Operation 'SINDOOR' as a robust response from a confident has always believed in the principle of 'Nation First,'" he stated. "During each crisis, we have attempted to assist the nation."ICAI Vice-President CA Prasanna Kumar D also stated that chartered accountants are "financial soldiers" of the nation and stand ready to assist at times of has helped in earlier times too. During the 1971 Indo-Pak war, ICAI members offered free help to families of soldiers. During the COVID-19 pandemic, ICAI provided oxygen cylinders, medicines, ambulances and also waived fees for students who lost parents and ran donation and vaccination institute assured that it will continue to assist the Armed Forces, the Prime Minister and the people of India. ICAI informed that it desires its members to excel not only in finance, but also in service to the Watch
Indian Express
10-05-2025
- Politics
- Indian Express
ICAI urges its 14 lakh members and students to stand with armed forces, nation
The Institute of Chartered Accountants of India (ICAI) has urged its 14 lakh members and students to extend support to the Armed Forces and the Nation amid the confrontation with Pakistan. With a widespread presence across nearly 17,000 pin codes in India and 13 branches near the India-Pakistan border, ICAI has called for volunteers among its fraternity offering to aid the relief efforts. The body said it is uniquely positioned to make a significant impact in humanitarian efforts. ICAI CA May 2025 Final, Intermediate, PQC remaining exams postponed The statement by the body said that they can facilitate evacuations, set up shelter camps for displaced civilians, arrange for ambulance services, oxygen cylinders and distribute essential medicines. They can also organise blood donation camps and other critical aid services, it added. 'In addition, the ICAI fraternity is urged to remain vigilant, reporting any suspicious or anti-national activities and stand prepared to support national security during this critical time,' it added. Lauding heroic efforts of the Indian Armed Forces, CA Charanjot Singh Nanda, the president of ICAI, emphasized that over 14 lakh financial soldiers of ICAI are committed not just in words but also in meaningful action. During his address to the CA Fraternity, he said, 'ICAI salutes the courage and determination of our soldiers. We share immense pride in their valour in avenging the tragic loss of 26 innocent lives in the Pahalgam terror attack. Operation 'SINDOOR' is a powerful message from a New Bharat, one that asserts there will be no compromise when it comes to protecting India's sovereignty.' 'ICAI has always lived by the principle of 'Nation First'. In every storm that has shaken our country, we have stood strong as a pillar of support to our motherland,' he added. He further urged all ICAI members and students to rise to the occasion, remain alert and uphold the highest ideals of service by protecting the integrity and security of the nation. 'Let us come together in this critical hour. Let the CA fraternity lead by example, proving that we are not only financial stewards but also pillars of strength, compassion and resilience for our nation,' he said. CA. Prasanna Kumar D, vice-president of ICAI, said 'We are financial soldiers of our motherland. In every hour of national need, we stand ready to serve our country.' ICAI has a legacy of contributing to national causes and supporting citizens during times of crisis. During the 1971 Indo-Pak War, ICAI members provided pro-bono services to the families of martyrs, and in the Covid-19 pandemic, ICAI extended support to grieving families, offered scholarships to students who lost parents and waived fees so the dreams could continue. 'Members of the Institute also organized food drives, blood and plasma donation camps and vaccination camps not only for our members but public at large,' the statement said. ICAI's special COVID Task Forces delivered critical aid, including oxygen cylinders and concentrators, arranging for hospital beds, medicines, ambulances and meals. The statement said that several branches also donated vital supplies to hospitals, strengthening local healthcare infrastructure when it was needed most. 'As a trusted partner in nation-building, ICAI remains committed to support the Armed Forces, the Prime Minister and the citizens of India,' the release said. 'The Institute continues to inspire financial professionals to rise beyond the profession and lead with patriotism, compassion and unwavering duty to the nation,' it added.
India Gazette
10-05-2025
- Business
- India Gazette
ICAI asks over 14 lakh members to stand in solidarity with armed forces and nation
New Delhi [India], May 10 (ANI): The Institute of Chartered Accountants of India (ICAI), the world's largest accounting body, set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India, has extended its support to the Government and Indian Army for the recent action against terrorist hideouts in Pakistan and Pakistan occupied Kashmir. With a vast network comprising over 1.4 million members and students spread across 5 Regional Councils, 177 Branches in India, as well as more than 40,000 members in 52 Overseas Chapters and 33 Representative Offices across 47 countries, ICAI is uniquely positioned to make a significant impact in humanitarian efforts. In this time of heightened tension, the Institute reaffirms its steadfast commitment to national solidarity and stands ready to support the country and its people. ICAI has a widespread presence across nearly 17,000 pin codes in India, including over 13 branches located near the India-Pakistan border. Chartered Accountants in these bordering regions are well-positioned to go beyond symbolic support by actively volunteering their time, expertise and resources to assist local communities and authorities wherever required. Through ICAI robust local networks, members and student volunteers can collaborate with government agencies, NGOs and relief organizations to deliver timely and effective aid to those in need. Charanjot Singh Nanda, President, ICAI, lauded the heroic efforts of the Indian Armed Forces and made a clarion call to the entire CA fraternity across the nation to stand with our armed forces, he emphasized that the over 14 Lakh financial soldiers of ICAI are committed not just in words but also in meaningful action. During his address to the CA Fraternity, he said, 'Operation 'SINDOOR' is a powerful message from a New Bharat, one that asserts there will be no compromise when it comes to protecting India's sovereignty. ICAI has always lived by the principle of 'Nation First'. In every storm that has shaken our country, we have stood strong as a pillar of support to our motherland,'. The President further urged all ICAI members and students to rise to the occasion, remain alert and uphold the highest ideals of service by protecting the integrity and security of the nation. 'Let us come together in this critical hour. Let the CA fraternity lead by example, proving that we are not only financial stewards but also pillars of strength, compassion and resilience for our nation,' he added. Prasanna Kumar D, Vice-President, ICAI, said 'We are financial soldiers of our motherland. In every hour of national need, we stand ready to serve our country,' ICAI has a proud legacy of contributing to national causes and supporting citizens during times of crisis. During the 1971 Indo-Pak War, ICAI members provided pro-bono services to the families of martyrs. In the darkest days of the COVID-19 pandemic, ICAI extended support to grieving families, offered scholarships to students who lost parents and waived fees so the dreams could continue. Members of the Institute also organized food drives, blood and plasma donation camps and vaccination camps not only for our members but public at large. (ANI)
