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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
IndusInd Bank to appoint independent firm to investigate discrepancies in derivative accounts
IndusInd Bank on Thursday announced plans to appoint an independent professional firm to conduct a thorough investigation into discrepancies related to its derivative portfolio.
The investigation will focus on identifying the root cause of the discrepancies, evaluating the accuracy and impact of the accounting treatment of the contracts, and ensuring compliance with prevailing accounting standards and guidance, the Bank said in an exchange filing.
The bank intends for the investigation to assess any potential lapses and establish accountability regarding the accounting practices related to these derivative contracts. The outcome of the investigation will help determine the bank’s next steps in addressing any issues that may have arisen from these discrepancies.
«The Board of Directors at its meeting held today, decided to appoint an independent professional firm to conduct a comprehensive investigation to amongst others, identify the root cause of the discrepancies, assess the correctness and impact of the accounting treatment of the derivative contracts with regard to the prevailing accounting standards, identify any lapses and establish accountability in relation to the above,» said IndusInd Bank.
On March 10, 2025, IndusInd Bank disclosed accounting discrepancies related to derivative transactions executed over the past 5-7 years, aimed at hedging foreign currency borrowings.
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