The Institute of Chartered Accountants of India (ICAI) which is the apex accounting body in the country has hit a major hurdle in the Reebok fraud case due to lack of details reports CNBC TV 18‘s Ronojoy Banerjee.
Reebok and its auditing firm Narsimhan & Co refused to share details of the case citing confidentiality. Narsimhan & Co earlier gave a clean chit to the company saying that there was no record of any accounting fraud.
The company shared only the FIR report with ICAI and declined to share the audit commitee report. Since ICAI belives that the FIR report is not a strong enough evidence, the regulator has decided to conduct its own probe on the case.
ICAI is waiting for certain details to come to light from Serious Fraud Investigation Office (SFIO) investigation in the case. It has also clarified that it is not under its jurisdiction to question consultancy firm KPMG.