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Fiscal audit News

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Local News

Severe Financial Irregularities Uncovered at Sri Lanka Cricket, Audit Underway.

May 24, 2026 at 10:55 AM

Sri Lanka Cricket Transformation Committee Chair Eran Wickramaratne has confirmed that the financial misappropriation at SLC is significantly worse than expected, prompting an immediate forensic audit.

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Severe Financial Irregularities Uncovered at Sri Lanka Cricket, Audit Underway
Local News
Sri Lanka Parliament Resumes: Tax Amendment Bill and Economic Review Top Agenda
Image Source : newsfirst.lk

Sri Lanka Parliament Resumes: Tax Amendment Bill and Economic Review Top Agenda.

May 19, 2026 at 2:25 AM
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Local News

Governance in Crisis: Analyzing the NDB Financial Scandal and Regulatory Silence.

The alleged Rs. 13.2 billion financial discrepancy at the National Development Bank (NDB) has triggered a national debate on institutional accountability, audit failures, and the effectiveness of oversight bodies in Sri Lanka.

May 18, 2026 at 4:45 AM
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Local News
Sri Lanka’s Inland Revenue Amendment Bill: Supreme Court Ruling Prompts Possible Legislative Adjustments
Image Source : ft.lk

Sri Lanka’s Inland Revenue Amendment Bill: Supreme Court Ruling Prompts Possible Legislative Adjustments.

May 18, 2026 at 4:00 AM
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Pakistan Achieves Major Fiscal Milestone with Record Deficit Reduction
Image Source : arabnews.com
Economy•
May 17, 2026 at 9:52 PM

Pakistan Achieves Major Fiscal Milestone with Record Deficit Reduction.

Pakistan has reported a significant improvement in its fiscal health for the 2025 fiscal year, with the budget deficit narrowing to 5.38% of GDP, outperforming IMF and government projections through disciplined spending and robust revenue growth.

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Local News

Proposed Inland Revenue Amendments Spark Controversy Over Criminalizing Tax Procedural Errors.

May 17, 2026 at 12:06 AM

Sri Lanka’s proposed Inland Revenue (Amendment) Bill has ignited debate among legal experts and tax professionals over a provision that could turn minor administrative tax failures into criminal offenses, potentially bypassing traditional requirements for proof of fraudulent intent.

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Proposed Inland Revenue Amendments Spark Controversy Over Criminalizing Tax Procedural Errors
Image Credit : ft.lk
Local News

Severe Security Lapses in Sri Lanka's Treasury Payment Systems Sparks Urgent Audit.

The diversion of $2.5 million from a state foreign debt payment has triggered a national debate regarding the security and verification protocols governing Sri Lanka's high-value government transactions.

May 16, 2026 at 7:49 PM
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Economy
Strategic Fiscal Management: How Malaysia is Strengthening Economic Resilience
Image Source : ncua.gov

Strategic Fiscal Management: How Malaysia is Strengthening Economic Resilience.

May 13, 2026 at 8:37 PM
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Local News

Central Bank of Sri Lanka Conducts Nationwide Audit of Financial Institutions Following NDB Fraud.

Following a major financial misappropriation at NDB, the Central Bank of Sri Lanka has confirmed it conducted a comprehensive audit of all banks to ensure no similar systemic irregularities exist elsewhere.

May 13, 2026 at 4:27 PM
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Central Bank and Treasury Overhaul Systems Following $2.5 Million Cyber Fraud
Image Source : adaderana.lk
Local News•
May 13, 2026 at 8:19 AM

Central Bank and Treasury Overhaul Systems Following $2.5 Million Cyber Fraud.

The Central Bank of Sri Lanka and the Ministry of Finance are implementing new safeguards to prevent future financial fraud after an investigation revealed a $2.5 million Treasury payment was diverted to fraudulent accounts following a system breach.

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Politics

Understanding the Mechanisms of Parliamentary Control Over Public Finances.

May 12, 2026 at 8:56 PM

An exploration of how parliamentary systems maintain oversight of national finances, detailing the legislative processes involved in budgetary approval and fiscal accountability.

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Local News
International Investigation Tracks Stolen $2.5 Million Treasury Funds to Delaware
Image Source : therecord.com

International Investigation Tracks Stolen $2.5 Million Treasury Funds to Delaware.

May 9, 2026 at 7:20 PM
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Local News
Urgent Need for Financial Oversight: Addressing Recent Lapses in State Fiscal Management
Image Source : ftadviser.com

Urgent Need for Financial Oversight: Addressing Recent Lapses in State Fiscal Management.

May 9, 2026 at 7:19 PM
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Finance
Parliamentary Watchdog Grills Central Bank Over NDB Bank Internal Control Failures
Image Source : ft.lk

Parliamentary Watchdog Grills Central Bank Over NDB Bank Internal Control Failures.

May 8, 2026 at 10:39 AM
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Local News•
May 8, 2026 at 6:03 AM

Concerns Mount Over Fiscal Irregularities in Sri Lanka’s Welfare Distribution.

Recent allegations regarding the irregular disbursement of Rs. 500 million in Aswesuma welfare funds have sparked public outrage, highlighting systemic gaps in financial oversight during Sri Lanka's economic recovery.

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Local News

Parliament Demands Accountability Following Alleged Multi-Billion Rupee Fraud at NDB Bank.

May 7, 2026 at 12:17 AM

Opposition MP Ravi Karunanayake has raised serious concerns in Parliament regarding an alleged Rs. 13.2 billion financial fraud at NDB Bank, questioning the Central Bank's oversight and the failure of national payment systems to detect the irregularity over three years.

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Parliament Demands Accountability Following Alleged Multi-Billion Rupee Fraud at NDB Bank
Image Credit : island.lk
Economy
India’s Strategic Fiscal Path: Balancing Growth with Long-term Stability
Image Source : thebftonline.com

India’s Strategic Fiscal Path: Balancing Growth with Long-term Stability.

May 4, 2026 at 7:58 PM
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Local News
Government Authorities Probe Series of Financial Irregularities and Project Data Manipulation
Image Source : slguardian.org

Government Authorities Probe Series of Financial Irregularities and Project Data Manipulation.

May 2, 2026 at 7:52 PM
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Local News

Legal Consequences Loom as Finance Ministry Secretary Skips Key Parliamentary Committee Hearing.

Legal experts warn that the Finance Ministry Secretary could face severe penalties under the Parliament (Powers and Privileges) Act after failing to appear before the Committee on Public Finance regarding a suspicious $2.5 million transfer.

April 30, 2026 at 4:01 PM
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Fiscal Stability Achieved: Revenue Expansion Powers Primary Surplus to 5.4%
Image Source : investopedia.com
Economy•
April 28, 2026 at 8:45 PM

Fiscal Stability Achieved: Revenue Expansion Powers Primary Surplus to 5.4%.

Analysis reveals that the recent attainment of a 5.4% primary surplus is primarily driven by significant improvements in revenue collection rather than aggressive expenditure cuts, marking a shift in fiscal consolidation strategies.

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