Progress on Gensol, IndusInd audit review satisfactory, report likely next month: ICAI President

The audit review of financial statements of Gensol Engineering and IndusInd Bank by the Institute of Chartered Accountants of India (ICAI) is progressing 'satisfactorily' and the final report is likely to come next month, ICAI President Charanjot Singh Nanda said today.

"The process is going on. Looking at the progress, the ICAI report on the investigations into the financial statements of Gensol Engineering and IndusInd Bank is likely to be out in November, which is a month ahead of December, which we mentioned earlier," Nanda said.

It may be noted that ICAI’s Financial Reporting Review Board (FRRB) is conducting a probe into the audit reports of Gensol. Based on the recommendations of the FRRB, the disciplinary committee of the ICAI will further investigate the matter.

The institute is also reviewing IndusInd Bank's financial statements. The body is investigating the statements for 2023-24 and 2024-25. This review too is being carried out by the FRRB.

ICAI is also investigating the audit of beleaguered edtech company BYJU'S. ICAI has referred the matter of audit lapses in the education tech firm to the disciplinary committee (DC). On the BYJU'S matter, FRRB reported to the DC that 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.