The Tirumala Tirupati Devasthanams (TTD), which administers the Lord Venkateshwara temple in Tirumala in Tirupati district has begun the exercise an overhaul its accounting and financial management systems, people familiar with the matter said.
The initiative is aimed at bringing the TTD’s nearly three-decade-old accounting manual in line with contemporary accounting standards, digital systems and global best practices. The study will also examine risk management and internal control mechanisms, which are essential to prevent financial leakages.
Prasanna Kumar said the ICAI’s Accounting Research Foundation (ARF) has begun a comprehensive study of the TTD’s existing accounting and audit framework and will prepare a project report recommending measures to strengthen financial reporting, internal controls, auditing and governance. “A preliminary study had already commenced and the institute expected to complete it and submit its report within 100 days,” Kumar said. “There should be a strong risk management and internal system, and even if there is any small deviation or lapse, then pilferage would happen,” the ICAI president said. The TTD official quoted above said the proposed overhaul could have implications beyond Tirumala. “Once completed and implemented, the accounting framework developed in collaboration with ICAI could potentially serve as a reference model for other major temple institutions, particularly those managing substantial revenues, assets, donations and public-facing financial operations,” he added.
The study will cover the entire accounting cycle of the TTD, from revenue collections and payments to preparation of financial statements and the balance sheet. An expert team from the ICAI ARF is also undertaking field-level assessment and collecting preliminary financial information, including trial balances and account records, to understand the TTD’s existing practices.
