The Financial Statements of Hayleys PLC and the Consolidated Financial Statements of the Group as at 31st March, 2014 are prepared and presented in compliance with the requirements of the following:

  • Sri Lanka Accounting Standards issued by The Institute of Chartered Accountants of Sri Lanka;
  • Companies Act No. 07 of 2007;
  • Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995;
  • Listing Rules of the Colombo Stock Exchange; and
  • Code of Best Practice on Corporate Governance issued jointly by The Institute of Chartered Accountants of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.

We confirm that the significant accounting policies used in the preparation of the Financial Statements are appropriate and are consistently applied, as described in the Notes to the Financial Statements. The significant accounting policies and estimates that involved a high degree of judgment and complexity were discussed with the Audit Committee and our External Auditors.

We have also taken proper and sufficient care in installing systems of internal control and accounting records, to safeguard assets, and to prevent and detect frauds as well as other irregularities. These have been reviewed, evaluated and updated on an ongoing basis. Reasonable assurances that the established policies and procedures of the Company have been consistently followed were provided by periodic audits conducted by Group’s Internal Auditors. However, there are inherent limitations that should be recognised in weighing the assurances provided by any system of internal controls and accounting.

The Audit Committee of the Company meets periodically with the Internal Auditors and the Independent Auditors to review the effectiveness of the audits, and to discuss auditing, internal control and financial reporting issues. The Independent Auditors and the Internal Auditors have full and free access to the Audit Committee to discuss any matter of substance.

The Financial Statements were audited by Messrs Ernst & Young, Chartered Accountants, the Independent External Auditors. Their report is given in the Financial Reports of this Annual Report.

The Audit Committee approves the audit and non-audit services provided by the External Auditor, in order to ensure that the provision of such services does not impair their independence.

We confirm that:

  • the Company and its subsidiaries have complied with all applicable laws, regulations and prudential requirements;
  • there are no material non compliances; and
  • there are no material litigations that are pending against the Group other than disclosed in the Note 32 to the Financial Statements in this Annual Report.

 


A.M. Pandithage
Chairman and Chief Executive

 


L.D.E.A. De Silva
Group Chief Financial Officer

19th May, 2014