The Central Bank of Sri Lanka (CBSL) has selected KPMG India, which is identified as one of the leading international providers of risk and financial services, and business advisory, to carry out part of the forensic audit on the issuance of Treasury Bonds as recommended by the Commission of Inquiry into the Central Bank issuance of Treasury Bonds.
However, it has now been revealed that KPMG India has sought more funds to carry out the audit.
The call for more funds has been made in lieu of the many telephone conversations that have to be transcribed by the auditors during the audit and the lack of officers with language knowledge in the Indian company.
Therefore, KPMG India would likely have to outsource the transcribing of telephone conversations to another party.
CBSL yet to decide
CBSL Governor Dr. Indrajit Coomaraswamy has told a weekly English newspaper that the CBSL had completed the process of awarding five forensic audits and out of those five, one audit was handed over to KPMG India.
“There are altogether five audits where the procurement has been completed and one of those audits is being conducted by KPMG India,” he has said, adding that KPMG has sought additional funds to complete the forensic audit and the CBSL will make a final call on this request next month.
The Governor has explained that the audit firm would have to translate and transcribe millions of recordings before auditing them.
“They have requested for an additional fee for translations as they have to review millions of telephone recordings,” Dr. Coomaraswamy has noted.
According to the Governor, the total cost of all five forensic audits was approximately Rs. 300 million.
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