Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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-TheWire.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;
&lt;br /&gt;
Against this background, the role of the auditor needs a closer look.&lt;br /&gt;
&lt;br /&gt;
Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;
&lt;br /&gt;
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;
&lt;br /&gt;
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-TheWire.in

At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

Recently, Axis Bank and Yes Bank jolted the Indian banking community...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;&lt;br /&gt;Against this background, the role of the auditor needs a closer look.&lt;br /&gt;&lt;br /&gt;Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;&lt;br /&gt;Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;&lt;br /&gt;The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;&lt;em&gt;&lt;br /&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot; title=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;
&lt;br /&gt;
Against this background, the role of the auditor needs a closer look.&lt;br /&gt;
&lt;br /&gt;
Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;
&lt;br /&gt;
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;
&lt;br /&gt;
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;TheWire.in, 23 May, 2017, https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&#039;,
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At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

Recently, Axis Bank and Yes Bank jolted the Indian banking community...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;&lt;br /&gt;Against this background, the role of the auditor needs a closer look.&lt;br /&gt;&lt;br /&gt;Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;&lt;br /&gt;Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;&lt;br /&gt;The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;&lt;em&gt;&lt;br /&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot; title=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

Recently, Axis Bank and Yes Bank jolted the Indian banking community..."/>
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                <strong>Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari</strong></h1>
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                <div align="justify">-TheWire.in<br /><br /><em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br /></em><br />Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br /><br />Against this background, the role of the auditor needs a closer look.<br /><br />Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br /><br />Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br /><br />The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br /><em><br />&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br /><br />Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/" title="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br /></div>               </font>
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-TheWire.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;
&lt;br /&gt;
Against this background, the role of the auditor needs a closer look.&lt;br /&gt;
&lt;br /&gt;
Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;
&lt;br /&gt;
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;
&lt;br /&gt;
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

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&lt;br /&gt;
&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;
&lt;br /&gt;
Against this background, the role of the auditor needs a closer look.&lt;br /&gt;
&lt;br /&gt;
Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;
&lt;br /&gt;
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;
&lt;br /&gt;
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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                <strong>Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari</strong></h1>
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                <div align="justify">-TheWire.in<br /><br /><em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br /></em><br />Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br /><br />Against this background, the role of the auditor needs a closer look.<br /><br />Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br /><br />Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br /><br />The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br /><em><br />&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br /><br />Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/" title="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br /></div>               </font>
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-TheWire.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;
&lt;br /&gt;
Against this background, the role of the auditor needs a closer look.&lt;br /&gt;
&lt;br /&gt;
Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;
&lt;br /&gt;
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;
&lt;br /&gt;
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;&lt;br /&gt;Against this background, the role of the auditor needs a closer look.&lt;br /&gt;&lt;br /&gt;Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;&lt;br /&gt;Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;&lt;br /&gt;The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;&lt;em&gt;&lt;br /&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot; title=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;
&lt;br /&gt;
Against this background, the role of the auditor needs a closer look.&lt;br /&gt;
&lt;br /&gt;
Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;
&lt;br /&gt;
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;
&lt;br /&gt;
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-TheWire.in

At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

Recently, Axis Bank and Yes Bank jolted the Indian banking community...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;br /&gt;&lt;em&gt;At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&amp;rsquo; audited accounts and the Reserve Bank of India&amp;rsquo;s (RBI)&amp;nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.&lt;br /&gt;&lt;br /&gt;Against this background, the role of the auditor needs a closer look.&lt;br /&gt;&lt;br /&gt;Surprisingly, in FY&amp;rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp;amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. &lt;br /&gt;&lt;br /&gt;Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.&lt;br /&gt;&lt;br /&gt;The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&amp;nbsp; entitled &amp;ldquo;Disclosure in the &amp;ldquo;Notes to Accounts&amp;rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&amp;rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,&lt;br /&gt;&lt;em&gt;&lt;br /&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &amp;ldquo;There have been instances of material divergences in banks&amp;rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&amp;hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&amp;rdquo;&lt;/em&gt;&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot; title=&quot;https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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                <strong>Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari</strong></h1>
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                <div align="justify">-TheWire.in<br /><br /><em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br /></em><br />Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br /><br />Against this background, the role of the auditor needs a closer look.<br /><br />Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br /><br />Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br /><br />The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br /><em><br />&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br /><br />Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/" title="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br /></div>               </font>
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-TheWire.in<br />
<br />
<em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br />
</em><br />
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br />
<br />
Against this background, the role of the auditor needs a closer look.<br />
<br />
Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br />
<br />
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br />
<br />
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br />
<em><br />
&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br />
<br />
Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br />
</div>',
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-TheWire.in

At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

Recently, Axis Bank and Yes Bank jolted the Indian banking community...',
	'disp' => '<div align="justify">-TheWire.in<br /><br /><em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br /></em><br />Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br /><br />Against this background, the role of the auditor needs a closer look.<br /><br />Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br /><br />Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br /><br />The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br /><em><br />&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br /><br />Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/" title="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br /></div>',
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-TheWire.in<br />
<br />
<em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br />
</em><br />
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br />
<br />
Against this background, the role of the auditor needs a closer look.<br />
<br />
Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br />
<br />
Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br />
<br />
The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br />
<em><br />
&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br />
<br />
Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br />
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$metaTitle = 'LATEST NEWS UPDATES | Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari'
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-TheWire.in

At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.

Recently, Axis Bank and Yes Bank jolted the Indian banking community...'
$disp = '<div align="justify">-TheWire.in<br /><br /><em>At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.<br /></em><br />Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks&rsquo; audited accounts and the Reserve Bank of India&rsquo;s (RBI)&nbsp; findings regarding bad loans on the books of these banks for the year ended March 31, 2016.<br /><br />Against this background, the role of the auditor needs a closer look.<br /><br />Surprisingly, in FY&rsquo;2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst &amp; Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. <br /><br />Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks.<br /><br />The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017&nbsp; entitled &ldquo;Disclosure in the &ldquo;Notes to Accounts&rdquo; to the Financial Statements- Divergence in the asset classification and provisioning,&rdquo; specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,<br /><em><br />&nbsp;&nbsp;&nbsp; &ldquo;There have been instances of material divergences in banks&rsquo; asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank&hellip; it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.&rdquo;</em><br /><br />Please <a href="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/" title="https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/">click here</a> to read more. <br /></div>'
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Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari

-TheWire.in At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore. Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks’ audited accounts and the Reserve Bank of India’s (RBI)  findings regarding bad loans on the books of these banks for the year ended March 31, 2016. Against this background, the role of the auditor needs a closer look. Surprisingly, in FY’2016, both Axis Bank and Yes Bank were audited by the same person, one Viren H. Mehta (membership number 048749). Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst & Young. Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator. Since the disclosure of the quantum of non-performing asset (NPA) divergence, Axis Bank has under-performed the Sensex-30 by 4.8% and Yes Bank by 10.2%, causing a loss to shareholders and a greater loss of credibility to the senior management and auditors of both the banks. The credibility of the senior management and the auditor of Axis and Yes Bank took a beating when the RBI issued a notification on April 18, 2017  entitled “Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning,” specifically dealing with such cases, where there is considerable variance between gross NPAs reported by banks in their annual accounts and NPAs which are identified by RBI inspection teams. An excerpt from the notification states,     “There have been instances of material divergences in banks’ asset classification and provisioning from the RBI norms, thereby leading to the published financial statements not depicting a true and fair view of the financial position of the bank… it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the reference period or (b) the additional Gross NPAs identified by RBI exceed 15 percent of the published incremental Gross NPAs for the reference period, or both.” Please click here to read more.