Sri Lank regulator restricts specific Ernst & Young partners following NDB fraud
Photo: EconomyNextAI summary · 1 min read
1 min readFrom 4 outlets- The restriction concerns two partners involved in the audit of NDB’s financial statements.
- The central bank made the request after disclosure of an internal fraud at NDB.
- E&Y remains eligible to audit licensed banks under the Banking Act.
EconomyNext and Lanka Business Online report that the Central Bank of Sri Lanka (CBSL) asked Ernst & Young Sri Lanka (E&Y) not to assign licensed-bank audit engagements to the engagement partner and quality assurance partner involved in auditing National Development Bank PLC’s financial statements.
EconomyNext reports that the request followed disclosure of an internal fraud at NDB, valued at 13.6 billion rupees. Lanka Business Online also links the central bank’s request to the disclosure of the fraud, but does not give an amount.
EconomyNext and Lanka Business Online report that CBSL clarified the restriction applies to the two partners, not to E&Y’s status as an eligible auditor. They say the firm remains qualified to audit licensed banks under the Banking Act, No. 30 of 1988, as amended.
EconomyNext dates its report to November 11, 2026. The reports provide no further details about the fraud or any subsequent action.
Your take
Be the first to reactDiscussion
Readers' views on this storyStory alerts
Get an email when an outlet reports something new on this story.
Earlier coverage
Reports on the same subject from the months before this story.
- Daily Mirror · Central Bank declares 27 companies and apps prohibited schemes
- Tamilmirror · கோடிகளில் நிதி மோசடி: வங்கி முகாமையாளர்கள் இருவர் கைது