ICAI begins review of IndusInd Bank, Gensol accounts, says audit probe may take six months; disciplinary action to follow if lapses found

The Institute of Chartered Accountants of India (ICAI) has begun reviewing the financial statements of IndusInd Bank and Gensol Engineering and expects the process to take at least six months before any action is taken against auditors for alleged lapses.ICAI president Charanjot Singh Nanda said the review is being handled by the Financial Reporting Review Board (FRRB), which will examine financial records of IndusInd Bank for 2023–24 and 2024–25, and those of Gensol Engineering and BluSmart Mobility for 2023–24.“FRRB will take at least six months or more to come to a conclusion on what is happening. It is a long-drawn process,” Nanda said, as quoted PTI.If the board finds that the books were not presented in a true and fair manner, the case will be referred to ICAI’s disciplinary committee.The move comes after IndusInd Bank in March disclosed a Rs 1,979 crore accounting lapse in its derivatives portfolio. The bank also reported Rs 674 crore wrongly booked as microfinance interest income and Rs 595 crore in unsubstantiated balances under ‘other assets’.Gensol Engineering, meanwhile, is under regulatory scanner after Sebi barred its promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for governance violations. BluSmart Mobility, which is also promoted by Anmol Jaggi, is part of the same audit review cycle.Separately, ICAI announced a summit series titled “From Ledger to Global Leadership” to highlight the role of Indian chartered accountants in the Global Capability Centres (GCC) ecosystem. The first edition will be held in New Delhi on June 27–28, 2025, followed by regional events in GIFT City, Mumbai, and Hyderabad.ICAI said the initiative is supported by government bodies including the Ministry of External Affairs, Ministry of Electronics and IT, IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur.“With more than 1,800 GCCs operating in India and employing over 1.9 million professionals, India is uniquely positioned to lead the next phase of GCC evolution,” Nanda said.ICAI has also set up a group under its Directorate of International Trade, Services and WTO to promote India as a global hub for finance-led GCCs and expand the role of CAs in areas such as finance, compliance, taxation, risk and analytics.