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Central Bank Clarifies E&Y's Eligibility to Audit Licensed Banks
Following the disclosure of an internal fraud at National Development Bank PLC (NDB), the Central Bank of Sri Lanka (CBSL) requested M/s Ernst & Young, Sri Lanka (E&Y) not to assign any audit engagements of Licensed Banks to the Engagement Partner and the Quality Assurance Partner involved in the audit of NDB’s financial statements.
For the avoidance of doubt, this restriction does not affect the recognition of E&Y as a qualified auditor eligible to audit the accounts of Licensed Banks in Sri Lanka under the provisions of the Banking Act, No. 30 of 1988, as amended.
