Latest news with #StandardsonAuditing
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Business Standard
4 days ago
- Business
- Business Standard
Initial review of IndusInd and Gensol to be over in 6 months: ICAI
The Institute of Chartered Accountants of India (ICAI) is likely to complete an initial review of IndusInd and Gensol Engineering in six months, said its president on Wednesday. Charanjot Singh Nanda spoke to reporters in New Delhi after announcing global capability centres (GCC) summits that ICAI will host later this month in New Delhi, Ahmedabad (GIFT City), Mumbai and Hyderabad. ICAI's Financial Reporting and Review Board (FRRB) recently undertook a review of IndusInd Bank's financial statements and the statutory auditor's reports on the lender for FY24 and FY25. FRRB is also reviewing Gensol Engineering and BluSmart Mobility, which are linked companies, for FY24 on its own. The FRRB will make recommendations to the disciplinary committee on whether action is required to be taken against professionals involved in vetting the companies' finances. The FRRB reviews compliance with the reporting requirements of various applicable statutes, Accounting Standards, Standards on Auditing. Nanda said an Indian version of Big 4 can be achieved by merging companies or forming a new one altogether, but it would require regulatory support. 'We need to have an equitable field and then the government would have to provide support to the Indian firms. We have the talent pool and are fully equipped to achieve this,' Nanda said. The ICAI, along with the Securities and Exchange Board of India (Sebi) and the National Stock Exchange (NSE), is in the process of determining early warning signs of fraud and lapses in companies. 'These will primarily be for listed companies but can be used by all companies as they will provide a template,' Nanda said. Nanda said the ICAI has formed a dedicated group focused on promoting India as a global accounting and finance hub for GCCs. He said India hosts over 1,800 GCCs, collectively employing more than 1.9 million professionals and contributing over $64 billion annually to the global economy. 'The world's leading organisations are not just outsourcing processes to India, they are bringing their most strategic and knowledge-intensive work to our shores,' Nanda added. India is no longer a support centre but the hub of global innovation, cybersecurity, analytics and artificial intelligence-driven innovation.
The Print
30-05-2025
- Business
- The Print
ICAI to review financial statements of IndusInd Bank
'It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25,' ICAI President Charanjot Singh Nanda told PTI on Thursday. The institute's Financial Reporting Review Board (FRRB) will carry out the review. New Delhi, May 29 (PTI) The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. 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, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding Rs 674 crore incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. PTI RAM NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
29-05-2025
- Business
- Mint
IndusInd Bank crisis: ICAI to review financial statements of fraud-hit private lender for FY24, FY25
The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. The institute's Financial Reporting Review Board (FRRB) will carry out the review. "It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25," ICAI President Charanjot Singh Nanda told PTI on Thursday. 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, among others. FRRB assesses compliance with guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a ₹ 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding ₹ 674 crore incorrectly recorded as interest from microfinance business, besides a ₹ 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. IndusInd Bank reported a net loss of ₹ 2,328.9 crore on a consolidated basis for the fourth quarter ended March 31, 2025, mainly on account of higher provisioning and lower income. The private sector bank has been embroiled in accounting lapses, fraud in microfinance portfolio and balance sheet disclosures during the March quarter of FY'25, which triggered an internal audit review, top-level resignations, and a forensics probe. The bank had a consolidated net profit of ₹ 2,349.15 crore in the March quarter of 2023-24. The bank has made provisioning of ₹ 2,522 crore during the March quarter of FY25, up from ₹ 950 crore provisioning made in the corresponding period in FY'24. Bank's interest income during the quarter fell 13 per cent to ₹ 10,634 crore from ₹ 12,199 crore in the March quarter of FY'24. For the full 2024-25 fiscal, IndusInd Bank reported over 71 per cent drop in net profit to ₹ 2,576 crore. In FY'24, the bank had a net profit of ₹ 8,977 crore.
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Business Standard
06-05-2025
- Business
- Business Standard
Corp affairs ministry orders probe against Gensol Engineering, BluSmart
The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials. Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after Sebi, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013. Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest. Earlier, the ministry had said it would take necessary action in the matter after examining the Sebi order. The order by the Securities and Exchange Board of India (Sebi), on April 15, came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. Meanwhile, the Institute of Chartered Accountants of India (ICAI) is likely to complete the review of the financial statements of Gensol Engineering Ltd and BluSmart Mobility in six months. ICAI's Financial Reporting Review Board (FRRB) is reviewing the financial statements of the two companies for the financial year 2023-24. 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, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Gensol is also being probed by the Enforcement Directorate (ED).
The Print
06-05-2025
- Business
- The Print
Corp affairs ministry orders probe against Gensol Engineering, BluSmart
Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after Sebi, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. New Delhi, May 6 (PTI) The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013. Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest. Earlier, the ministry had said it would take necessary action in the matter after examining the Sebi order. The order by the Securities and Exchange Board of India (Sebi), on April 15, came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. Meanwhile, the Institute of Chartered Accountants of India (ICAI) is likely to complete the review of the financial statements of Gensol Engineering Ltd and BluSmart Mobility in six months. ICAI's Financial Reporting Review Board (FRRB) is reviewing the financial statements of the two companies for the financial year 2023-24. 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, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Gensol is also being probed by the Enforcement Directorate (ED). PTI RAM DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
