Industry Bank rejected media reports on April 2, suggesting that PWC had reported a report to the bank’s board of directors, in accordance with the official press release published by the bank.
Earlier Wednesday, it was reported by a media that PWC had submitted a report to the board of directors, and the board of directors would examine it to decide the following steps. Previously, there were speculations that PwC would submit the report on March 28.
To investigate accounting irregularities, the Board of Directors of the Industry Bank appointed Grant Thornton to lead a forensic audit. Grant Thornton’s mandate includes carrying out an in -depth investigation to determine the deep cause of the differences and assess the accuracy and impact of the accounting treatments of derivative contracts in accordance with accounting standards.
On March 10, Industry announced deviations found by the lender in its account balance linked to his derivative portfolio.
Following this, the RBI said that the industrial bank is well capitalized and that the bank’s financial situation remains satisfactory.
