PwC submits draft report on IndusInd Bank’s derivatives review: Report

PwC has submitted its draft findings to IndusInd Bank following an accounting review of the lender’s derivatives portfolio. The report, commissioned after the bank uncovered discrepancies in the booking of forex derivative transactions, focuses strictly on accounting aspects and does not assign responsibility or delve into the timeline of lapses, two sources told the Economic Times.The accounting review began in October 2024, shortly after IndusInd Bank disclosed issues related to the misstatement of forex derivative losses over several years. The bank is currently reviewing PwC’s draft and is expected to share its observations with the firm. Officials from IndusInd also held consultations with PwC’s team during the course of the review.While PwC has limited its scope to accounting review, Grant Thornton Bharat is conducting a separate forensic investigation to trace the root cause of the bank’s derivative losses, identify lapses, and determine accountability.Business Today could not v...