Hidden Deals

The Sri Lanka Accounting and Auditing Standards Monitoring Board is looking at the accounts of Pramuka Bank following massive accounting irregularities discovered by Central Banks supervisors.rnrn
The watchdog is also looking at whether there were violations of auditing standards by its auditor KPMG Ford Rhodes & Thornton. Last year the firm qualified the report and highlighted a number of areas, which they did not agree with.rn

rnBut after Central Bank sealed Pramuka, questions are being raised whether they had missed even bigger problems. Central Banks supervisors started work before KPMG could issue its audit report on the 2002 accounts. Now KPMG says it is in a position to issue a report if the management is willing to sign off on the final set of accounts.

rnrnPramuka is fast showing signs of becoming Sri Lankas enron.rn

rnAccounting Standards Monitoring Board says is starting an investigation into Pramukas published accounts to see whether the company has violated Sri Lanka Ac