FRRB likely to complete probe in Gensol, IndusInd Bank over the next two months, sets up committee to fast-track public internet cases
ICAI to release 11 Information Systems Audit Standards (ISAS) for world class digital assurance, effective from February
- Feb 18, 2026,
- Updated Feb 18, 2026 5:46 PM IST
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India is likely to complete its probe into the alleged accounting lapses at Gensol Engineering and IndusInd Bank in the next two months. The cases are being investigated by the FRRB, said Prasanna Kumar D, ICAI President for 2026-27 on Wednesday. Further, the FRRB is also setting up a separate board to fast-rack about 10-15 high profile cases of public interest.
“The special committee is looking into all these cases, and the investigation is likely to be completed in the next two months or so,” he told reporters on Wednesday.
The FRRB is an important wing of the ICAI that looks into compliance with accounting principles and reviews the general financial statements of enterprises and their auditors’ reports. In May last year, it had begun a probe into the accounting discrepancies in forex derivatives at IndusInd Bank and was reviewing the financial statements and statutory auditor reports of the private sector lender for the financial years 2023-24 and 2024-25.
The FRRB has also been reviewing the books of Gensol Engineering and BluSmart Mobility for the financial year 2023-24.
In case any discrepancies are found, the FRRB will refer the matter to its disciplinary committee.
Meanwhile, to empower chartered accountants to provide best in class digital assurance, the ICAI is also coming out with 11 Information Systems Audit Standards (ISAS) and three overarching documents, which are effective from this month.
“These standards are recommendatory for the period of six months. ICAI plans to make these standards mandatory for Members of ICAI in future,” Prasanna Kumar said.
By eliminating informal and inconsistent IT audit approaches, ISAS establishes a uniform baseline for Information Systems Audit engagements and would help improve comparability of audit outcomes across entities and sectors. For investors and regulators, this would also help enhance reliability and trust in assurance conclusions.
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India is likely to complete its probe into the alleged accounting lapses at Gensol Engineering and IndusInd Bank in the next two months. The cases are being investigated by the FRRB, said Prasanna Kumar D, ICAI President for 2026-27 on Wednesday. Further, the FRRB is also setting up a separate board to fast-rack about 10-15 high profile cases of public interest.
“The special committee is looking into all these cases, and the investigation is likely to be completed in the next two months or so,” he told reporters on Wednesday.
The FRRB is an important wing of the ICAI that looks into compliance with accounting principles and reviews the general financial statements of enterprises and their auditors’ reports. In May last year, it had begun a probe into the accounting discrepancies in forex derivatives at IndusInd Bank and was reviewing the financial statements and statutory auditor reports of the private sector lender for the financial years 2023-24 and 2024-25.
The FRRB has also been reviewing the books of Gensol Engineering and BluSmart Mobility for the financial year 2023-24.
In case any discrepancies are found, the FRRB will refer the matter to its disciplinary committee.
Meanwhile, to empower chartered accountants to provide best in class digital assurance, the ICAI is also coming out with 11 Information Systems Audit Standards (ISAS) and three overarching documents, which are effective from this month.
“These standards are recommendatory for the period of six months. ICAI plans to make these standards mandatory for Members of ICAI in future,” Prasanna Kumar said.
By eliminating informal and inconsistent IT audit approaches, ISAS establishes a uniform baseline for Information Systems Audit engagements and would help improve comparability of audit outcomes across entities and sectors. For investors and regulators, this would also help enhance reliability and trust in assurance conclusions.