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14 July, 2014 08:48 AM Source: Financial Times - Sri Lanka
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Sierra Cables Plc on Friday revealed far-reaching lapses in book keeping, best practices in accounting and auditing as well as  good governance, leading to improprieties worth Rs. 491 million.
The disclosure is following the receipt of final report from its auditors on the difference in the work in progress balance and certain unrecorded transactions.
In a filing to the Colombo Stock Exchange, Sierra Cables (SIRA) said that no additional findings which have material financial impact to the required adjustments disclosed by the Board of Directors on 11 June 2014 have been established.
Furthermore, this has been reconfirmed by the report of the forensic investigation initiated by the Board. Auditors of SIRA are KPMG and Chairman of the Audit Committee of the SIRA Board is Dr. D.G.K.E. Weerapperuma.
The SIRA filing said the Board of Directors confirm that the difference of Rs. 172 million in the value of work in progress of inventories between the General Ledger and the valuation carried out as at 31 March 2014 remains unchanged.
Since the Board of Directors is unable to make a reliable assessment of the impact relating to previous periods in the absence of records, the difference has been written off in the financial statements for the year ended on 31 March 2014.
Further, certain revenue, expenses and assets of the Company have not been recorded in the General Ledger and Financial Statements during previous years disclosed by the SIRA Board of Directors on 11 June 2014 remains unchanged to be (a) income of Rs. 113 million, (b) expenses amounting to Rs. 107 million and (c) assets of Rs. 6 million and have now been brought in and are reflected in the financial statements for the year ended on 31 March 2014.
The Company also revealed that the difference between the physical finished goods stock and the stock value in the General Ledger disclosed on 11 June 2014 by the Board remains unchanged. The difference amounting to Rs. 93 million has been written off in the financial statements for the year ended on 31 March 2014.

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