ICAI to prepare report for improving accounting system at Tirumala Tirupati Devasthanams

Chartered accountants’ body ICAI will be preparing a report on ways to improve the accounting system at the Tirumala Tirupati Devasthanams (TTD), the richest Hindu temple body. ICAI President Prasanna Kumar D on Friday said the institute would be developing an accounting manual for the TTD, keeping pace with the latest requirements.

“A preliminary study has been started by the Accounting Research Foundation... we expect to complete the study and submit a report in 100 days,” he said. Right from collections to payments to the balance sheet, all aspects would be covered in the study. TTD had approached the institute for the project.
TTD, the official custodian of the Sri Venkateswara temple in Tirupati, Andhra Pradesh, is considered the richest Hindu shrine in the world. “Basically, the project is for improving the existing accounting system. They (TTD) have got a full-proof system and the entire thing is now run on ERP (Enterprise Resource Planning) and they want to take it to the next level since the current one is an old system,” the ICAI President said at a briefing in the national capital.

When asked whether the template prepared during the study would be suggested by the institute for other temple bodies, Kumar replied in the affirmative.
The Institute of Chartered Accountants of India (ICAI), the apex body for CAs, has over five lakh members.

According to Kumar, there should be a strong risk management and internal system, and even if there is any small deviation or lapse, then pilferage would happen.
His response came to a query on whether the institute would look at having separate accounting standards for temple bodies against the backdrop of alleged embezzlement of donations received at the Ram Temple in Ayodhya.