Further, the ICAI has also written to the Reserve Bank of India (RBI) requesting it to provide the list of the corporate borrowers of public sector banks having outstanding loan amount of Rs 2,000 crore and above. The list would be examined by the Financial Reporting Review Board of ICAI for any possible violation of applicable standards of accounting as well as auditing.
"The Disciplinary Directorate of ICAI has issued show-cause notices to all central statutory auditors of PNB. Similarly, central statutory auditors who have done quarterly review of PNB have also been issued show cause notice.
"Auditor of Gitanjali Gems Ltd has also been issued the show-cause notice in the matter," the ICAI said in a statement. The deputy general manager of the bank has been summoned "to appear and produce a copy of FIR, all related documents in the said fraud, give details of the modus operandi used in the fraud", it added.
The ICAI has also set up a high powered group to study the systemic issues in the Punjab National Bank matter and suggest remedial measures and improvement in the banking system; and any other matter incidental thereto. The first meeting of the group is scheduled tomorrow.
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