Chartered accountants’ apex body ICAI today said it has taken suo motu cognisance of the USD 1.77 billion fraud at Punjab National Bank and has sought information from investigation agencies besides setting up a group to study the system issues arising out of the incident.
The Institute of Chartered Accountants of India (ICAI) would review the Punjab National Bank matter to look at whether there have been lapses on the part of auditors.
ICAI President Naveen N D Gupta said it has taken suo motu cognisance of the fraud at Punjab National Bank.
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