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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
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FAQ :
The ICAI's Financial Reporting Review Board (FRRB) is reviewing Yes Bank's financial statements for FY18 and FY19 due to recent media reports about systemic issues at the bank.
The review covers the financial statements for the Financial Years 2017-18 and 2018-19.
If material non-compliance is found, the case may be referred to the Director (Discipline) of ICAI for action against the auditor. Irregularities concerning management will be informed to the relevant regulatory body.
The FRRB of the ICAI reviews general-purpose financial statements of various enterprises to ensure compliance with statutes, Accounting Standards, and Standards on Auditing, aiming to improve financial reporting practices in India.
No, while the FRRB works on cases referred by regulators like the Ministry of Corporate Affairs and SEBI, it also takes up reviews based on other information, such as media reports.
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