IndusInd Bank fiasco: GT flags errors in accounting of derivative trades

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IndusInd Bank fiasco: GT flags errors in accounting of derivative trades - Business Standard

Quick Summary:

Later, the bank disclosed that it had appointed an independent professional firm—Grant Thornton—to conduct a comprehensive investigation to identify the root cause of the discrepancies in the derivatives portfolio of the bank.

Accordingly, based on PwC’s report, the bank stated that the discrepancies would have an adverse post-tax impact of 2.27 per cent on its net worth as of December 2024.

Meanwhile, the bank, last week, disclosed to the exchanges that its internal audit department (IAD) is conducting a review of the bank’s microfinance business to examine certain concerns which have been brought to its attention, and EY is assisting the bank’s IAD in reviewing certain records of the bank.