IndusInd Bank's Forensic Audit: Unveiling the Microfinance Concerns

IndusInd Bank engages EY to address microfinance business concerns by collaborating with its Internal Audit Department. The bank faces substantial accounting discrepancies, impacting its net worth. External audits by PwC and Grant Thornton aim to probe the issues, establish accountability, and suggest corrective measures to fortify internal controls.

IndusInd Bank announced the engagement of EY to assist its Internal Audit Department in evaluating concerns pertaining to its microfinance business.

In the wake of accounting lapses in the bank's derivative portfolio, which have significantly affected its net worth, IndusInd Bank has undertaken a review process to address these issues.

Further, the bank has appointed PwC for external assessment and Grant Thornton for a forensic audit to understand the root cause of the discrepancies, recommend corrective actions, and enhance internal financial controls.

(With inputs from agencies.)