The Institute of Chartered Accountant of India(ICAI)’s Disciplinary Directorate has issued a show-cause
notice to all central statutory auditors of scam-hit Punjab National
Bank (PNB).
Similarly, central statutory auditors who have done a quarterly review of PNB have also been issued a show-cause notice, the CA Institute said in a statement issued late Thursday Feb 22,2018
Gitanjali Gems’ auditor has also been issued a show-cause notice in the matter, the statement added.
Also, the CA Institute has summoned PNB’s Deputy General Manager to appear and produce a copy of the first information report (FIR), all related documents in the said fraud, and give details of the modus operandi of the fraud.
The CA Institute has also written to the Reserve Bank of India requesting them to provide the list of corporate borrowers of public sector banks with outstanding loans of ₹2,000 crore and above so as to have the same examined by the Financial Reporting Review Board of the institute for any possible violation of applicable standards of accounting and auditing.
“The ICAI reaffirms its commitment to be a proactive regulator of the auditing and accounting profession,” the statement added.
Soon after the ₹11,300-crore PNB fraud came to light, the CA Institute’s Disciplinary Directorate had, as a proactive step, written letters on February 15 to the Securities and Exchange Board of India, Central Bureau of Investigation, Enforcement Directorate and PNB, urging upon them to share the details/reports/findings in respect of the said alleged fraud, including the copies of the specific findings, in respect of the involvement of any chartered accountant/firm of chartered accountants.
The ICAI has also written to its parent Ministry — the Corporate Affairs Ministry — requesting the to prevail upon SEBI, CBI, ED and PNB to share their findings with the CA Institute to enable it to accelerate action against any chartered accountant who have played any role in this fraud.
Similarly, central statutory auditors who have done a quarterly review of PNB have also been issued a show-cause notice, the CA Institute said in a statement issued late Thursday Feb 22,2018
Gitanjali Gems’ auditor has also been issued a show-cause notice in the matter, the statement added.
Also, the CA Institute has summoned PNB’s Deputy General Manager to appear and produce a copy of the first information report (FIR), all related documents in the said fraud, and give details of the modus operandi of the fraud.
The CA Institute has also written to the Reserve Bank of India requesting them to provide the list of corporate borrowers of public sector banks with outstanding loans of ₹2,000 crore and above so as to have the same examined by the Financial Reporting Review Board of the institute for any possible violation of applicable standards of accounting and auditing.
“The ICAI reaffirms its commitment to be a proactive regulator of the auditing and accounting profession,” the statement added.
Soon after the ₹11,300-crore PNB fraud came to light, the CA Institute’s Disciplinary Directorate had, as a proactive step, written letters on February 15 to the Securities and Exchange Board of India, Central Bureau of Investigation, Enforcement Directorate and PNB, urging upon them to share the details/reports/findings in respect of the said alleged fraud, including the copies of the specific findings, in respect of the involvement of any chartered accountant/firm of chartered accountants.
The ICAI has also written to its parent Ministry — the Corporate Affairs Ministry — requesting the to prevail upon SEBI, CBI, ED and PNB to share their findings with the CA Institute to enable it to accelerate action against any chartered accountant who have played any role in this fraud.
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