New Delhi: The Institute of Chartered Accountants of India (ICAI) has set up a special group within its Financial Reporting Review Board to fast-track high-profile cases, the regulatory agency’s president Prasanna Kumar D said. “… more than 10 to 15 cases are there which have public interest. These cases will be taken up on priority. It will take another two months and we will be able to give our findings,” he said on Wednesday. Among the prominent matters under review are cases relating to Gensol Engineering and IndusInd Bank, which got into regulatory trouble last year after financial fraud concerns. He said that the earlier six-month timeline indicated by ICAI could not be met due to technical reasons and that once the review process is completed in 2 months, serious lapses, if found, will lead to disciplinary proceedings, while routine or procedural shortcomings may result in advisories instead of escalation. Kumar also spoke on the growing role of chartered accountants in Global Capability Centres (GCCs). “Chartered accountants have a particularly important role because most services exported through GCCs are finance-related,” he said. ICAI, which has a presence in 47 countries, is encouraging members to build international linkages and export services from India, through training programmes and local language training in countries like Japan and Germany. Kumar also said ICAI has introduced 11 Information Systems Audit Standards to strengthen digital audits. The standards will be effective Feb 2026 with a six-month recommendatory period.
