Five forensic audits cost Rs. 275 m, says CB

Wednesday, 22 January 2020 02:50 - - {{hitsCtrl.values.hits}}

Central Bank clarifies only five forensic audits complete
Audit firms selected by Cabinet-appointed committee
Procurement for sixth audit still underway

The Central Bank of Sri Lanka (CBSL) yesterday sought to set the record straight on several aspects of the forensic audit reports, including clarifying that Rs. 275 million had been spent on them and that the sixth forensic audit was still underway.

Releasing a short statement, the CBSL sought to make four clarifications. One was that the Monetary Board, in consultation with the Auditor General and the Attorney General, took measures to commission six forensic audits pursuant to the recommendations of the Presidential Commission of Inquiry appointed to investigate and inquire into and report on the issuance of Treasury bonds during the period from 1 February 2015 to 31 March 2016 and matters that had come to light over the recent years in audit reports and in the findings of internal investigations pursuant to the exercise of certain regulatory and agency functions undertaken by the CBSL.

Secondly, the procurement of the five forensic audits were carried out by a Cabinet-Appointed Consultant Procurement Committee and the contracts were awarded to audit firms with a global practice and international experience in forensic auditing with Cabinet approval.

Out of the six forensic audits initiated, five forensic audits have been completed so far at a cost of Rs. 275 million (approximately), contrary to various amounts stated in the media, which have been as high as Rs. 900 million in some instances.

In addition, the procurement process of the sixth forensic audit is currently under way, the CBSL noted.

Speaker approves release of forensic audit reports