The Forensic Audits - What do we know? (Part One)

On the 29

th

 of 

Nov

ember 2019, the Forensic Audits commissioned by the Central Bank of Sri Lanka as

 recommended by the Presidential Commission of Inquiry was handed over to the Parliamentary watchdog COPE or Committee on Public Enterprises.

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.

BDO India LLP was appointed to conduct a forensic audit/investigation on the allegations of losses caused to the Government of Sri Lanka in the process of issue of Treasury Bonds during the period from 1 January 2002 to 28 February 2015.

BDO India was appointed to conduct forensic audit/investigation into the issuance of Treasury Bonds and Remittance of Funds to the General Treasury from 1 February 2015 to 31 March 2016

However, in a surprising move President Nandasena Gotabaya Rajapaksa decided to prorogue Parliament on the 02

nd

 of December sending shockwaves across the political sphere in Sri Lanka.

When Parliament met for a new session in 2020, the Speaker on the 

21

st

 of January decided to table five volumes of the Forensic Audits despite requests from the Attorney General not to hand over the copies to the Members of Parliament.

According to the Central Bank of Sri Lanka, 

five forensic audits were completed at a cost of Rs 275 million. The Central Bank refuted claims made by various parties who claimed the preparation cost the taxpayer more than 900 Million Rupees for this purpose alone.