Gensol, IndusInd audit probe reports likely in 6 months: ICAI President

Institute of Chartered Accountants of India (ICAI) President Charanjot Singh Nanda today said the institute’s audit review of Gensol Engineering and IndusInd Bank is likely to be complete in the next six months. On investigations into the audits of BYJU’S, Nanda said the matter is with the ICAI Disciplinary Committee.

“ICAI’s review of financial statements and audit reports of Gensol Engineering and IndusInd Bank is likely to be completed in the next six months. ICAI’s Financial Reporting Review Board (FRRB) is conducting the probe into the audit reports of both. Based on the recommendations of the FRRB, the disciplinary committee will further look into the matter,” Nanda said.  

“We will try to finish it as early as possible, but there is no time limit to this,” Nanda added.

On investigations into the audit of the beleaguered edtech company BYJU'S, Nanda pointed out that the ICAI has referred the matter of audit lapses in the education tech firm to the disciplinary committee (DC). It may be noted that FRRB recommended the BYJU'S matter to the DC, saying gross negligence has been found in BYJU'S financial reporting. It has also recommended punitive action against the concerned auditors.

It may be noted that Deloitte resigned as BYJU'S statutory auditor in June 2023, citing delays in finalising the company's financial statements for FY22. Later, MSKA & Associates, appointed by BYJU'S, also resigned, alleging delays in financial reporting and the lack of support from management. It also raised concerns about outstanding dues.