26 August 2011
Can a chartered accountant certify the project report stating prepared/certified on the basis of documents shown and explanations & information given by the directors? Some of the nationalised banks are demanding such certificates about project report.
I am doing project finance work since last 5 years, till now no bank/FI asked for certification of the project report.
Since with project report we are enclosing the original copy of quotation, estimates. so there is no question for certification of COST COMPONENT OF PROJECT.
Bank can ask for ASSUMPTION TAKEN in preparing Project Report like prod. estimates, R/M cost, F.G S.P, etc for which the management can give assurance.
According to me, management is the proper person to give assurance.
Bank can ask for certificate from CA for: 1. Capital infusion 2. Certification of B/S (Provisional)
CAclubindia
