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Time of India

ICAI to review IndusInd Bank's financial statements for amid fraud concerns

The Institute of Chartered Accountants of India (ICAI) will review private lender IndusInd Bank's financial statements for the financial years 2023–24 and 2024–25 in the wake of recent fraud allegations , reported PTI citing ICAI President Charanjot Singh Nandal on Thursday. The move comes amid concerns over accounting discrepancies recently disclosed by the private lender in its foreign exchange derivative portfolio . ET had reported in March that ICAI was likely to take suo motu cognisance of the issue. According to the previous ET report, the review will be undertaken by the Financial Reporting Review Board (FRRB), a body within ICAI tasked with promoting transparent and compliant financial reporting. Nanda had told ET the FRRB could refer the matter to ICAI's disciplinary committee if it finds that the bank's financials are not 'true and fair' as per prescribed standards. Established in 2002, the FRRB's role is to improve financial reporting standards and ensure investor confidence by scrutinising the accuracy of published financial statements and the reporting conduct of auditors. Its findings can trigger disciplinary action if serious lapses are uncovered. Live Events IndusInd Bank has admitted to discovering discrepancies during an internal audit of its derivative transactions spanning over seven to eight years, up to FY24. The bank estimated the irregularities could impact its net worth by around 2.35% as of December 2024, translating to a financial hit of approximately Rs 1,600 crore post-tax and Rs 2,100 crore pre-tax. While the bank has assured investors it has sufficient capital reserves to absorb the losses, its stock has plunged significantly since the disclosure.