ICAI May Review IndusInd Bank's Financial Statements

NEW DELHI: The Institute of Chartered Accountants of India (ICAI) is considering a review of the financial statements of IndusInd Bank, following revelations of accounting discrepancies estimated at Rs 2,100 crore. The private sector lender disclosed these discrepancies in its derivatives portfolio on March 10, which could adversely affect about 2.35% of the bank's net worth as of December 2024.

Analysts have estimated the discrepancy at Rs 2,100 crore in absolute terms. In response, the Financial Reporting Review Board (FRRB) of the ICAI is likely to undertake a review of the bank's financial statements. "As a proactive measure, ICAI-FRRB may undertake a review of the financial statements of IndusInd Bank," said ICAI president Charanjot Singh Nanda. The FRRB's review aims to assess compliance with Accounting Standards and Standards on Auditing, among other criteria.

Stay informed with the latest business news, updates on bank holidays, and public holidays.