Indonesian government to audit IBRA

The Indonesian Supreme Audit Agency has estimated that it will take two years to complete its upcoming audit of IBRA.

Two years may sound like a long time to audit a company of about 800 employees ... unless of course the company is in Indonesia. And this is exactly the estimate given by the Indonesian Supreme Audit Agency BPK, which is going to conduct a comprehensive audit of the Indonesian Bank Restructuring Agency IBRA, which controls about Rp600 trillion $63.2 billion in assets. Bambang Wahyudi, an official of the BPK, said that because of the massive work involved it will take two fiscal years to audit the Agency.

In June 2000, PricewaterhouseCoopers audited IBRA and reported the gross depreciation of some assets, including those of the Salim Group,...

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