ICAI to review general purpose financial statements of Yes Bank
In view of the recent media reports as regards certain systemic issues with respect to Yes Bank, Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) has decided to take up the review of general purpose financial statements of Yes Bank for Financial Year 2017 – 18 and 2018 – 19.
In case the FRRB finds any material / serious non-compliance, it would refer the case to the Director (Discipline) of ICAI for initiating action against the Auditor under the Chartered Accountants Act, 1949. In so far as the management of the enterprise is concerned, the FRRB would inform irregularity to the regulatory body relevant to the enterprise. In case non-compliances observed are not material and do not affect the true and fair view of financial statements, the FRRB would appropriately bring the non-compliance to the attention of the Auditor.
The Institute through Financial Reporting Review Board (FRRB) is playing a paramount role in improving the financial reporting practices prevailing in India. The Board reviews the general-purpose financial statements of various enterprises to determine compliance with the reporting requirements of various applicable statutes, Accounting Standards/ Ind AS and Standards on Auditing.
In its endeavour to support regulators as well as to bring transparency in financial reporting, the FRRB is constantly working on cases referred by Ministry of Corporate Affairs (MCA), Securities & Exchange Board of India (SEBI), Election Commission of India (ECI) or any other regulator from time to time.
Empanelment to act as ICAI exam observers for January 2027 CA Examination. Last date to apply is 20.11.2026 Empanelment of…
No arrest under GST- Major decision taken in 57th Meeting of the GST Council on 8th October 2026 PRESS RELEASE…
A subsequent Apex Court ruling on the substantive issue cannot retrospectively make an act done in compliance of a binding…
Interest payment on mobilisation advance to NHAI not liable for deduction of tax at source u/s 194A - ITAT Interest…
Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO…
Ground taken by assessee that he was not aware of the order cannot be brushed aside so lightly in absence…