Jan 23, 2020

Expenditure for five forensic audits Rs. 275 million Featured

The Finance Board of the Central Bank had decided to conduct six forensic audits and five of them have been concluded. The expenditure incurred for the five concluded forensic audits is Rs. 275 million, according to the Central Bank.

In an explanation issued by the Central Bank it states that as there are false reports being circulated by the media, it had issued the following;

a)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 01st February 2015 to 31st March 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 CBSL.

b)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.

c)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.

d)The procurement process of the sixth forensic audit is currently underway.