Addressing mediapersons here, KCA President T R Balakrishnan said the allegations were based on a 'fact-finding' report of two members of the association and it was 'fallible'.
''A committee consisting of four KCA vice-presidents - Haridas, Sunil Koshy, Ignui Mathew and Radhakrishnan, a chartered accountant and a legal expert - will look into the alleged irregularities,'' he said.
Refuting the allegations, Balakrishnan said that according to the report, the KCA had suffered a loss of Rs 15 to 20 lakh, which was reflected in the books of accounts due to a procedural lapse in accounting Rs 3.47 lakh in concessional ODI tickets to district associations and Rs 8.75 lakh in interest for deposits.
''Realistically, there was no cash loss and reports of corruption and lavishness in the functioning of KCA are baseless,'' he said.
The audit for the period - April 1, 2006, to March 31, 2007, - conducted by the KCA members P Satish Chandran and P Chandrasekharan pointed out several discrepancies and manipulation of the KCA accounts and funds, overlooking the relevant bye-laws and established practices within the Association.
He said the KCA stood for transparency and the findings of the Committee would be made public.
Balakrishnan reiterated that these allegations would not in any way affect the forthcoming ODI match between India and Australia on Oct 2 here.
He informed that the KCA would appoint independent internal and concurrent auditors in the near future.
Balakrishnan made these announcements after a meeting of the vice-presidents, general convenor and other KCA members here.