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ICAI to ask auditors to seek more info
May, 10th 2010

The accounting regulator, Institute of Chartered Accountants of India, will soon recommend to the Ministry of Corporate Affairs that auditors be asked to provide more information such as the revenue model, the break-even period and the cost benefit arising out of a particular funding pattern in the Companies Auditors Report Order (CARO).

A CARO provides detailed guidance to auditors of companies on compliance with the reporting requirements. It lists out matters on which the have to make a statement in their report. At present, auditors reports include information like date of determination of limits of loans, paid-up capital, sale of substantial part of fixed assets affecting going concern, use of long-term funds for short-term purposes, frauds notices received or reported by the companies.

The need for asking auditors to include information such as revenue model and break-even period has arisen after controversies over ownership and funding patterns of Indian Premier League (IPL) franchises. What kicked off the storm was ex-IPL commisioner Lalit Modis doubts over the ownership pattern of the IPL Kochi franchise. This escalated with government agencies questioning the source of funds pumped in various IPL teams.

According to sources in the ICAI, auditors may soon start asking questions related to the source of funding and use of the funds. When contacted, ICAI president Amarjit Chopra refused to comment on the issue but added, We can not keep on giving disclaimers and avoid owning the responsibility for things going wrong. We will have to own the responsibility which we may not have been accepting till now.

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