Regulatory Alerts2019-11-18 | Circular No. 08 of 2019List of Qualified Auditors to Audit Accounts of Licensed Commercial and Specialised Banks
The Central Bank of Sri Lanka has reviewed and selected five qualified audit firms to conduct statutory audits for licensed commercial and specialised banks. The updated selection guidelines evaluate firms based on partner and staff qualifications, banking regulatory expertise, forensic audit capacity, and information technology capabilities. This circular supersedes the 1998 auditor list and mandates the newly approved firms to audit accounts for all financial years commencing 1 January 2021.
CENTRAL BANK OF SRI LANKA BANK SUPERVISION DEPARTMENT
18 November 2019 | CIRCULAR | No. 08 of 2019
LIST OF QUALIFIED AUDITORS TO AUDIT THE ACCOUNTS OF LICENSED COMMERCIAL BANKS AND LICENSED SPECIALISED BANKS
In terms of the Sections 38A and 76H of the Banking Act, No. 30 of 1988, as amended, the Central Bank of Sri Lanka (CBSL), has reviewed the list of qualified auditors to conduct audits of licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks) in Sri Lanka.
1. Evaluation Process
1.1 The Director of Bank Supervision with the approval of the Monetary Board has selected qualified auditors to audit the accounts of licensed banks in Sri Lanka in accordance with the updated guidelines issued by the Monetary Board in this regard.
1.2 The assessment criteria considered under the updated guidelines include number and qualifications of audit partners, staff strength and qualifications, experience and expertise of the audit firm and availability of technical competencies including expertise on banking regulation & financial products, ability to undertake forensic audits and capabilities & experience on Information Technology audits.
2. List of Qualified Auditors
2.1 Accordingly, CBSL has selected the following Qualified Auditors to audit the accounts of licensed banks in Sri Lanka from financial years commencing 01.01.2021:
(i) BDO Partners “Charter House”, No. 65/2, Sir Chittampalam A Gardiner Mawatha, Colombo 02
(ii) Ernst & Young, Sri Lanka No. 201, De Saram Place, Colombo 10
(iii) KPMG Sri Lanka No. 32A, Sir Mohamed Macan Markar Mawatha, Colombo 03
(iv) PricewaterhouseCoopers No.100, Braybrooke Place, Colombo 02
(v) SJMS Associates No. 11, Castle Lane, Colombo 04
CENTRAL BANK OF SRI LANKA BANK SUPERVISION DEPARTMENT
18 November 2019 | CIRCULAR | No. 08 of 2019
3. Revocation of Previous Circulars
3.1 The circulars dated 30 April 1998 on the List of Qualified Auditors issued to licensed banks will cease to be effective from financial years commencing 01.01.2021.
[Signature]
A A M Thassim Director of Bank Supervision