Five forensic audits on t-bonds cost Rs.275 m, CB says

Of the six forensic audits commissioned by the Central Bank of Sri Lanka (CB) based on the re por t of the Presidential Commission of Inquiry on the issue of Treasury bonds, five have been completed with the procurement process of the sixth forensic audit currently underway.

This was stated in a CB statement on Tuesday correcting figures reported in the media about the cost of these forensic audits. Out of the six forensic audits initiated, five forensic audits have been completed so far at a cost of approximately Rs. 275 million, it said

The CB said 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 February 1, 2015 to March 31, 2016 and “matters that had come to light over the recent years in audit reports and in findings of internal investigations pursuant to the exercise of certain regulatory and agency functions undertaken by the CB”.

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 the approval of the Cabinet of Ministers, it said.