IndusInd Bank denied media reports on April 2 suggesting that PwC had submitted a report to the bank’s board, as per the official statement released by the bank.
Earlier on Wednesday, it was reported by a media outlet that PwC had submitted a report to the board, and the board would review it to decide on the next steps. Previously, there were speculations that PwC would submit the report on March 28.
To investigate accounting irregularities, IndusInd Bank’s board has appointed Grant Thornton to conduct a forensic audit. Grant Thornton’s mandate includes conducting a thorough investigation to determine the root cause of discrepancies and assess the accuracy and impact of accounting treatments of derivative contracts in compliance with accounting standards.
On March 10, IndusInd announced discrepancies found by the lender in its account balances linked to its derivatives portfolio.
Following this, the RBI said IndusInd Bank is well-capitalised and the financial position of the bank remains satisfactory.
