The Consolidated Financial Statements are prepared in compliance with the requirements of the followings:
The Accounting Policies used in the preparation of the consolidated financial statements are appropriate and are consistently applied, except unless otherwise stated in the notes accompanying the Financial Statements. The consolidated financial statements have been prepared in accordance with the Sri Lanka Accounting Standards (SLFRS/LKAS). There are no departures from the prescribed Accounting Standards in their adoption. Comparative information has been reclassified wherever necessary to comply with the current presentation. The Significant Accounting Policies and estimates that involved a high degree of judgment and complexity were discussed with the Audit Committee.
The Board of Directors and the management of the Company accept responsibility for the integrity and objectivity of these financial statements. The estimates and judgments relating to the Financial Statements were made on a prudent and reasonable basis, in order that the Financial Statements reflect in a true and fair manner, the form and substance of transactions, and reasonably present the Company’s state of affairs.
To ensure this, the Company has taken proper and sufficient care in installing a system of internal control and accounting records, for safeguarding assets, and for preventing and detecting frauds as well as other irregularities, which is reviewed, evaluated and updated on an ongoing basis.
The Internal Auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures of the Company were consistently followed. However, there are inherent limitations that should be recognized in weighing the assurances provided by any system of internal controls and accounting.
The Financial Statements were audited by Messrs KPMG, Chartered Accountants, the Independent Auditors.
The Audit Committee of the Company meets periodically with the Internal Auditors and the Independent Auditors to review the manner in which these Auditors are performing their responsibilities, and to discuss auditing, internal control and financial reporting issues. To ensure complete independence, the Independent Auditors and the Internal Auditors have full and free access to the members of the Audit Committee to discuss any matter of substance.
A.R. Pandithage
Chairman/Managing Director
A.G. Pandithage
Director/Chief Executive Officer
B.C.S.A.P. Gooneratne
Director/Chief Financial Officer
Colombo
23rd May 2014
