Rs 13.6 bn NDB fraud: No fresh assignments for some involved in NDB audit
The Central Bank has asked M/s Ernst & Young, Sri Lanka (E&Y) not to give fresh assignments to those involved in auditing of the National Development Bank PLC. The bank is under investigation over Rs 13.6 bn fraud. The text of the CBSL statement: “Following the disclosure of an internal fraud at National Development Bank […]
The Central Bank of Sri Lanka (CBSL) has instructed Ernst & Young, Sri Lanka (E&Y) not to assign any fresh audit engagements to Licensed Banks to the Engagement Partner and the Quality Assurance Partner who were involved in the audit of the National Development Bank PLC's (NDB) financial statements. This decision comes in the wake of an internal fraud disclosed at NDB, which has resulted in a fraud amounting to Rs 13.6 billion.
The CBSL's statement clarifies that this restriction does not impact E&Y's status as a qualified auditor for Licensed Banks in Sri Lanka under the provisions of the Banking Act, No. 30 of 1988, as amended.
Brief written by urgent.news from The Island Sri Lanka's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
