New Delhi: Chartered Accountants' Apex Body ICAI May Review the Financial Statements of Indusind Bank, which is grappling with discrepancies in accounting in accounted to be Rs 2,100 cost. The private sector lender, on March 10, disclosed some discrepancies in its derivatives portfolio, which would have an adverse impact of about 2.35 per cent 2.35 per cent of the bank ' Per its internal review.
Analysts peg the discrepancy at Rs 2,100 crore in absolute terms.
Against this Backdrop, The Financial Reporting Review Board (FrRB) of the Institute of Chartered Accountants of India (ICAI) is Likely to review the Financial Statements of the Bank.
“As a proactive measure, ICAI-FRRB May Undertake a review of the financial statement of indusind bank,” ICAI President Charanjot Singh Nanda Told Pti Pti on CHUSDAY.
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, AMONNG Tors.
Also, FRRB Assesses the Compliance with Various Guidance Notes on Accounting and Auditing, and Master Circulars/ Directions Issued by the Reserve Bank of India (RBI).
Chartered Accountants Do Most of the Audit Work.
Indusind Bank Had also said the accounting lapse was noted Around September -October Last Year And the Bank Gave a Preliminary Update to the RBI About This Last Week.
The Final Figure will be known after the external agency, which the bank has appointed, Finalies Its Report by Early April.
(Tagstotranslate) Business News (T) Rs 2 (T) 100 Crore discrepancy (T) Indusind Bank Financial Statements (T) Indusind Bank Accounting Discounting (T) Reporting review board icai
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