ICAI panel may wrap up review of IndusInd, Gensol books in 6 months
A key panel of the Institute of Chartered Accountants of India (ICAI) could wrap up its review of the books of crisis-ridden
Gensol
Engineering and IndusInd Bank in about six months, institute's president Charanjot Singh Nanda said Wednesday.
While Gensol is facing allegations of fraud, the crisis at IndusInd Bank pertains to discrepancies in its forex derivative portfolio.
Usually, if the ICAI's Financial Reporting Review Board (FRRB) concludes that the financial statements of the entities that are being reviewed are "not true and fair", it refers the matters to the institute's disciplinary committee for subsequent action against the auditors concerned.
Nanda was announcing the Global Capability Centres summit series being hosted by the institute on June 27-28 in NCR. This summit will be organised in Ahmedabad, Mumbai and Hyderabad between August 2025 and February 2026. Nanda said ICAI, along with capital markets regulator Sebi and the National Stock Exchange, is working towards devising a framework to detect potential fraud or lapses in listed companies early.
As for the government move to facilitate the creation of large home-grown accounting and advisory firms comparable to the 'Big Four', Nanda said this could be realised through tie-ups of Indian firms with the global companies and through merger of some domestic firms.
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