TO THE MEMBERS
OF SRI LANKA TELECOM LIMITED FOR THE YEAR ENDED 31 DECEMBER
2003
We have audited the Balance Sheet of Sri Lanka Telecom Limited
(the Company) and its subsidiaries (the Group) as at 31 December
2003, the Consolidated Balance Sheet of the Group 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 pages 60 to 80.
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 2003, 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 and 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 2003 and of the results of
its operations and its cash flows and changes in equity 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 2003 and of the results
of the operations and cash flows and changes in equity for the
year then ended of the Company and its subsidiaries 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 Group during the year ended 31 December 2003
except as stated in Note 29 to these financial statements.
