ICAI to assess audit role in ‘scam’

CA regulator seeks details from PNB, CBI, ED and SEBI to ascertain if there were wrongdoings by auditors; sets up high powered group to examine systemic issues The Institute of Chartered Accountants of India (ICAI) had asked Punjab National Bank (PNB) as well as probe agencies, including the CBI, Enforcement Directorate (ED) and capital markets regulator SEBI to provide it with the details regarding the alleged Rs. 11,5000000000 scam to ascertain whether there was professional misconduct/wrongdoings by auditors. In a statement, the ICAI said it had set up a high-powered group to examine whether there were systemic issues. The group would also suggest remedial measures and improvements in the banking system to prevent the recurrence of such incidents.