Financial Times

Singlanka says audits of accounts since 2001/02 submitted

Singlanka Ltd, which last year discovered that the signatures of its former auditors had been forged in some documents submitted to the Colombo Stock Exchange (CSE), said last week that a new auditor was appointed in first half 2009 and audits completed for the years from 2001/2002 onwards.
It said B.R. De Silva and Co. resigned as the Auditors of the Company effective March 4, 2009 and Rajan and Renganathan were appointed as the new Auditors effective May 25, 2009.

“The new Auditors have carried out an audit of the Company's financial statements for the financial years 2001/2002 upto 2006/2007. The financial statements for the financial years 2007/2008 and 2008/2009 have also been audited by the new Auditor. Accordingly the Company has submitted amended Annual Reports for the financial years 2001/2002 up to 2006/2007 to the CSE. The Company has also submitted to the CSE the Annual Reports for the financial years 2007/2008 and 2008/2009, subsequent to audits being carried out by the new Auditors,” the company said in a statement to the CSE.

In the statement, the company said it had been revealed that the "Audited Financial Statements" contained in the Annual Reports issued by the company to the CSE and shareholders relating to the financial years 2001/2002 upto 2006/2007 have been prepared without an audit being carried out by the former Auditors of the Company, B. R. De Silva and Co.

The statement quoted the CSE as saying that the signatures of the former Auditors of the company had been forged in certain documents submitted to the CSE by the Company. Upon detecting this fact, trading in the shares of the above Company was halted by the CSE effective October 23, 2008 and the matter was referred to the Securities and Exchange Commission.

After the company submitted amended Annual Reports for the financial years 2001/2002 up to 2006/2007 (subsequent to the audit being carried out by the new Auditors) and the Annual Reports for the financial years 2007/2008 and 2008/2009 to the CSE, the CSE decided to lift the trading halt imposed on company shares from September 14.

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