External auditors for finance firms
Letter
View(s): I refer to your news item in the Sunday Business Times on the appointment of external auditors (to finance and leasing companies) by the Central Bank (CB). In the editorial you expressed an opinion that this move would ensure proper governance and transparency! From past records of the CB it is evident that there will be no change in the position. The Golden Key racket flourished allegedly with the help of the regulator with some amply rewarded by Lalith Kotelawala. The Exchange Control department which detected the fraud several years ago was penalized. It is the media and economists like Dr Harsha de Silva who will contribute to expose these issues.
Varuni
Colombo
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