Sri Lanka Regulator Restricts Specific Ernst & Young Partners Following NDB Fraud

Sri Lanka regulator restricts specific Ernst & Young partners following NDB fraud

ECONOMYNEXT – Sri Lanka’s central bank (CBSL) has asked audit firm Ernst & Young, Sri Lanka (E&Y) to block the engagement partner and the quality assurance partner involved in the audit of the National Development Bank’s financial statements from handling any future commercial banking audits. The directive follows the exposure of a 13.6 billion rupee internal financial fraud at NDB. While targeting individual accountability, the regulator emphas…

NDB Fraud Scandal Exposes Dangerous Gaps in Banking Oversight - LNW Lanka News Web

The Rs.13.6 billion fraud at National Development Bank (NDB) has developed into a major test of Sri Lanka’s banking regulatory framework, exposing disturbing weaknesses in auditing standards, corporate governance and the supervisory mechanisms intended to protect public confidence in the financial system. The Central Bank of Sri Lanka’s decision to prohibit the Ernst & Young […]

Sri Lanka’s Regulator Bars Certain Ernst & Young Partners After NDB Fraud Case - FINANCIAL CHRONICLE

Sri Lanka’s central bank has instructed Ernst & Young (E&Y) not to appoint the engagement partner or quality assurance partner who worked on National Development Bank PLC’s audit to future audits of licensed commercial banks. The Central Bank of Sri Lanka (CBSL) issued the direction after a 13.6 billion rupee internal fraud was revealed at NDB. It said the measure…

CBSL says E&Y remains eligible to audit licensed banks despite restrictions

The Central Bank of Sri Lanka (CBSL) has clarified that Ernst & Young (E&Y) Sri Lanka remains eligible to auditContinue Reading

Clarification on the Auditors to Audit the Accounts of Licensed Banks in Sri Lanka | Central Bank of Sri Lanka

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 eligibl…

Central Bank bars EY partners from bank audits after NDB fraud

The Central Bank of Sri Lanka (CBSL) has barred the Ernst & Young (EY) partners who audited National Development Bank (NDB) from carrying out any further banking audits and forced the lender to reconstitute its Board audit committee, after a Rs. 13.6 billion fraud ran for three years before being uncovered once the 2025 accounts had been certified. ..