ICAI assures 'accelerated inquiry' into PNB fraud

NEW DELHI: With the alleged role of auditors getting into focal point within the Rs 11,400 crore PNB fraud, chartered accountants' body ICAI said it has taken a remark from a senior authentic of the financial institution and emphasised it could no longer be prudent to draw any conclusion in opposition to the occupation till disciplinary lawsuits are finished.

Besides, issuing display reason notices to the auditors of Punjab National Bank and Gitanjali Gems, which can be concerned within the scam, the institute has constituted a high-powered crew to study the issues within the case as well as recommend remedial measures for the banking device.

Against the backdrop of concerns in sure quarters about alleged lapses of auditors and others in detecting the fraud, the ICAI came out with a long remark pronouncing that it helps every effort of strengthening the existing mechanism.

The ICAI's high-powered crew on the PNB matter held its first assembly on February 23. "The officers of PNB had been called by way of ICAI to seem and convey copy of all related paperwork within the said frauds. General Manager, Western Zone, PNB gave the impression and made his remark in Mumbai, it said.

The Institute of Chartered Accountants of India (ICAI) has already issued display reason notice to all central statutory auditors of PNB and the auditors of Gitanjali Gems.

"As such, ICAI's dedication to be pro-active regulator of the auditing and accounting occupation via investigation is to ensure sped up conclusion of lawsuits and take motion in opposition to the ones members of chartered accountant occupation who're concerned within the fraud at PNB.

"... till the time disciplinary inquiry is concluded, and the role of all those who acted in fiduciary responsibility is established in the matter, it would not be prudent to draw any conclusion against the profession," it famous.

Further, the institute said its disciplinary directorate suo moto has started investigation and has issued letters to Sebi, CBI and ED looking for details about the fraud.

Multiple companies are probing the PNB case, which is likely one of the greatest frauds within the nation's banking device.

ICAI assures 'accelerated inquiry' into PNB fraud ICAI assures 'accelerated inquiry' into PNB fraud Reviewed by kailash soni on February 25, 2018 Rating: 5
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