FRRB likely to complete probe in Gensol, IndusInd Bank over the next two months, sets up committee to fast track public internet cases – BusinessToday

The Monetary Reporting Overview Board (FRRB) of the Institute of Chartered Accountants of India is likely to complete its probe into the alleged accounting lapses at Gensol Engineering and IndusInd Bank in the next two months. The cases are being investigated by the FRRB, stated Prasanna Kumar D, ICAI President for 2026-27 on Wednesday. Additional, the FRRB can also be setting up a separate board to fast-rack about 10-15 excessive profile cases of public curiosity.

“The particular committee is wanting into all these cases, and the investigation is likely to be accomplished in the next two months or so,” he informed reporters on Wednesday.

The FRRB is a crucial wing of the ICAI that appears into compliance with accounting rules and opinions the basic monetary statements of enterprises and their auditors’ reviews. In Could final 12 months, it had begun a probe into the accounting discrepancies in foreign exchange derivatives at IndusInd Bank and was reviewing the monetary statements and statutory auditor reviews of the non-public sector lender for the monetary years 2023-24 and 2024-25.

The FRRB has additionally been reviewing the books of Gensol Engineering and BluSmart Mobility for the monetary 12 months 2023-24.

In case any discrepancies are discovered, the FRRB will refer the matter to its disciplinary committee.

In the meantime, to empower chartered accountants to present finest in class digital assurance, the ICAI can also be popping out with 11 Data Techniques Audit Requirements (ISAS) and three overarching paperwork, that are efficient from this month.

“These requirements are recommendatory for the interval of six months. ICAI plans to make these requirements obligatory for Members of ICAI in future,” Prasanna Kumar stated.

By eliminating casual and inconsistent IT audit approaches, ISAS establishes a uniform baseline for Data Techniques Audit engagements and would assist enhance comparability of audit outcomes throughout entities and sectors. For buyers and regulators, this could additionally assist improve reliability and belief in assurance conclusions.