Home / Financial Services/ Global independent audit regulators to meet in Colombo next week

Global independent audit regulators to meet in Colombo next week

Comments / {{hitsCtrl.values.hits}} Views / Friday, 9 February 2018 00:00

Independent audit regulators from around the world will gather to share their expertise during the 12th Annual Inspection Workshop of the International Forum of Independent Audit Regulators (IFIAR) in Colombo. 

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) is hosting the three-day forum which will be held at the Cinnamon Lakeside Hotel from 20th of this month with the participation of over 110 professionals representing audit regulators from 40 countries including, USA, UK, Canada, France, Germany, Switzerland,  Japan and  Singapore.

The event will be inaugurated at a ceremony on 19 February and will be attended by a host of experts in the field.

IFIAR was established by independent audit regulators from around the world in 2007. IFIAR’s overall objectives are to share knowledge of the audit market environment and practical experience of independent audit regulatory activities, to promote collaboration in regulatory activities, and to provide a platform for dialogue with other international organisations which have interests in enhancing audit quality.

SLAASMB, Sri Lanka’s Independent Audit Regulator was established under the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995. The core functions of SLAASMB are to monitor compliance with Sri Lanka Accounting Standards in relation to the annual audited financial statements of Specified Business Enterprises (SBEs) and to monitor compliance with Sri Lanka Auditing Standards when conducting audits of these financial statements by auditors of such SBEs. These standards on accounting and auditing formulated by the CA Sri Lanka are aligned with International Financial Reporting Standards and International Standards on Auditing.

SLAASMB has been a member of the International Forum of Independent Audit since 2007. Resulting from the long-term association with the IFIAR, SLAASMB’s audit inspection methodology has been aligned with the global practices on improving audit quality within the Sri Lankan financial environment.

SLAASMB has been monitoring compliance with accounting standards since 2000 and began audit inspections in 2007. SLAASMB communicates violation of standards to the respective SBE or auditor in the form of letters of assistance. However, based on the significance of the issues, action taken by SLAASMB includes getting such SBEs to correct the issue in the next financial statements to be published or issued, re-publish financial statements, re-audit financial statements, issue warning letters to auditors or resort to more stringent action such as referring to other regulators and/ or litigation.

During the 18 years in active operation, SLAASMB has been able to get SBEs to correct financial statements to the value of Rs. 56 billion.

www.slaasmb.gov.lk can be accessed for further information on SLAASMB’s findings and activities.

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

The country needs more Ironmen (and women)

Monday, 26 February 2018

Commendation to Yasas, Julian and the team for a world class event that will have far-reaching positives for Brand Sri Lanka.

Failure at Local Elections: Inability of the Govt. to care for needs of the people

Monday, 26 February 2018

The purpose of this article is to discuss the causes of the massive failure of the Government at the local government elections held on 10 February 2018 and their impact on the economy.

Lessons from LG ElectionsPart 1 Number-twisting game may be self-pleasing but not in accord with eco

Monday, 26 February 2018

The local government elections that concluded on 10 February 2018 have shaken the ruling United National Party(UNP)to its foundation.

Tamil actor Kamal Haasan stars in new role as political leader

Saturday, 24 February 2018

Srinivasan Kamal Haasan is one of India’s foremost film actors. Known popularly as Kamal, the talented and versatile thespian has not only excelled as an actor onscreen, but has successfully engaged in other cinematic spheres too. The multi-faceted

Columnists More