ICAI to review fin statements of IndusInd

NEW DELHI: The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank’s financial statements for 2023-24 and 2024-25. ICAI’s Financial Reporting Review Board (FRRB) will carry out the review. FRRB conducts the review of financial statements of companies to assess compliance with accounting standards, standards on auditing, among others. 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.