ICAI to review Yes Bank's financial statements

Chartered accountants' apex body ICAI will review financial statements of crisis-hit Yes Bank. The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) would take up the review of general-purpose financial statements of Yes Bank for 2017-18 and 2018-19.

"In case the FRRB finds any material / serious non-compliance, it would refer the case to the Director (Discipline) of ICAI for initiating action against the Auditor...," the institute said in a statement on Monday.

Yes Bank was placed under moratorium by the Reserve Bank last week.

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