In the 2022-23 audit report of IndusInd, ‘Valuation of Derivatives’ — the root cause of the bank’s current woes — was a ‘Key Audit Matter’ (KAM). But, just a year after, it went mysteriously missing from the KAM list in the audit report of 2023-24 — the crucial year when Reserve Bank of India (RBI) issued its directives on valuation.