Auditor " Fails " C.T.B. Records
4th September 1959, Page 46
4th September 1959
Page 46
Page 46, 4th September 1959
— Auditor " Fails " C.T.B. Records
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fiATERIALS stated to have been consumed on repairs and maintenance— worth £l,319,625—could not,be verified because of the absence of adequate records —stated the Auditor-General's report on The Ceylon Transport Board's accounts for the year ended December 31, 1958. The board closed its accounts for the year showing a gross profit of £420,000 but this was converted to a loss of £262,500 after meeting administrative and other financial expenses.
The loss was further increased to £315,000 after writing off a portion of the preliminary expenses incurred prior to nationalization of the bus services.
A further sum of £112,500, representing 6 per cent. of all employees' salaries and wages, has been contributed to the board's Provident Fund.