IIM BANGALORE HAS A WEAK ACCOUNTING SYSTEM

IIM-B has a week accounting system Express News Service , The New Indian Express

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BANGALORE: Urging autonomous bodies to incorporate better accounting
practices, Director General, Office of the Comptroller and Accounting
General of India, K P Sasidharan said that even Indian Institute of
Management, Bangalore (IIM-B) has a weak accounting system.

“Institutions like IIM-B are capable of introducing financial
instruments, but the truth is that their accounting practices are
weak. Their financial reporting does not meet the standards,” he
observed.

Speaking at a training programme on ‘An insight into the concepts
applicable to autonomous bodies’ jointly organised by the Institute of
Chartered Accountants of India (ICAI) and the Comptroller and Auditor
General here on Thursday, he said that there is a need for an
accounting language that will help officials understand the financial
health of their organisation.

According to CAG report number 38, many autonomous bodies are unable
to submit accounting reports in specified format or within the
specified timeline, hence there is a need for such training
programmes, he said.