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ICAI to check auditors’ role in PMC imbroglio

Depositors gather outside PMC Bank’s branches in Panvel (top) and Thane to withdraw money./ File

Depositors gather outside PMC Bank’s branches in Panvel (top) and Thane to withdraw money./ File  

The apex body for chartered accountants has sought information from the RBI and other authorities to check whether any auditor was involved in the alleged financial irregularities at the lender.

The apex body for chartered accountants, ICAI, has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender.

Taking note of the ‘enormity of the matter’, the ICAI on Wednesday said it had triggered its disciplinary mechanism and has written to the bank as well as regulatory agencies concerned.

The Institute of Chartered Accountants of India (ICAI) has written to the Vigilance Department of the RBI and the Commissioner of Maharashtra Co-operative Societies.

In a statement, the institute said it had sought requisite details of their findings as well as that of any “member/firm alleged to be involved in the matter.” Information has also been sought from the statutory auditor of the bank “pertaining to financial years 2017-18 and 2018-19,” it added.

“ICAI will be actively pursuing the issue with the concerned regulators” it said.

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Printable version | Apr 5, 2020 9:54:49 AM | https://www.thehindu.com/business/icai-to-check-auditors-role-in-pmc-imbroglio/article29576933.ece

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