ICAI To setup Internal standards

New Delhi Feb 17: A Bigger scam has been identified in recent days and the Massive default of loan of Rs 11400 Cr by Jeweler Nirav Modi to Punjab National bank has shaken the nation. Currently, many agencies are investigating the case.

The Institute of Chartered Accountants of India (ICAI) has said that it would review the Punjab National Bank matter to look at whether there have been lapses on the part of auditors.

ICAI President Naveen N D Gupta said that "it has taken suo motu cognizance of the fraud at Punjab National Bank. The Financial Reporting Review Board (FRRB) has been advised to initiate suo motu review of Punjab National Bank and Gitanjali Gems."

The board, set up by the institute, reviews the compliance with various accounting and auditing standards.

He added that "It needs to be emphasized that ICAI would be actively pursuing the issue with the concerned agencies and stakeholders so as to examine the matter in detail to suggest improvements."