Report of the
Auditors
To the Members of
Sri Lanka Telecom Limited for the year ended 31
December 2001
We have audited the Balance Sheet of Sri Lanka Telecom
Limited as at 31 December 2001, the Consolidated
Balance Sheet of the Company and its Subsidiary
as at that date, and the related Income, Changes
in Equity and Cash Flow Statements for the year
then ended, together with the Accounting Policies
and Notes thereon appearing on the following pages
Income Statement,
Balance Sheet, Statement
of changes in Equity, Cash
Flow Statement, Accounting
Policies and Notes
to the Financial Statements. Respective
Responsibilities of Directors and Auditors
The Directors are responsible for preparing and
presenting these financial statements in accordance
with the Sri Lanka Accounting Standards. Our responsibility
is to express an opinion on these financial statements,
based on our audit.
Basis
of Opinion
We conducted our audit in accordance with Sri
Lanka Auditing Standards which require that we
plan and perform the audit to obtain reasonable
assurance about whether the financial statements
are free of material misstatements. An audit also
includes examining, on a test basis, evidence
supporting the amounts and disclosures in the
said financial statements, assessing the accounting
principles used and significant estimates made
by the Directors, evaluating the overall presentation
of the financial statements and determining whether
the said financial statements are prepared and
presented in accordance with Sri Lanka Accounting
Standards. We have obtained all the information
and explanations which, to the best of our knowledge
and belief, were necessary for the purposes of
our audit. We therefore believe that our audit
provides a reasonable basis for our opinion.
Opinion
In our opinion, so far as appears from our examination,
the Company maintained proper books of account
for the year ended 31 December 2001, and to the
best of our information and according to the explanations
given to us, the said Balance Sheet and the related
Income, Changes in Equity, Cash Flow Statements
and the Accounting Policies and Notes thereto,
which are in agreement with the said books and
have been properly prepared and presented in accordance
with Sri Lanka Accounting Standards, provide the
information required by the Companies Act, No.
17 of 1982 and give a true and fair view of the
Company’s state of affairs as at 31 December
2001 and of the results of its operations and
its cash flows for the year then ended.
In our opinion, the Consolidated
Balance Sheet and related Income, Changes in Equity
and Cash Flow Statements and the Accounting Policies
and Notes thereto have been properly prepared
and presented in accordance with the Sri Lanka
Accounting Standards and the Companies Act, No.
17 of 1982 and give a true and fair view of the
state of affairs as at 31 December 2001 and of
the results of the operations and cash flows for
the year then ended of the Company and its Subsidiary
dealt with thereby, so far as concerns the members
of the Company.
Directors’
Interests in Contracts
According to the information made available to
us, the Directors of the Company were not directly
or indirectly interested in contracts with the
Company during the year ended 31 December 2001
except as stated in Note 27 to these financial
statements.
PricewaterhouseCoopers
Chartered Accountants
Colombo
2 May 2002
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