NEW DELHI: Chartered accountants’ apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting estimated to be Rs 2,100 crore.
The private sector lender, on March 10, disclosed some discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35% of the bank’s net worth as of Dec 2024, as 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 statements of IndusInd Bank,” ICAI president Charanjot Singh Nanda said. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, among others.