Seminar on new SEC Act to put spotlight on enhanced role of auditor

Wednesday, 6 October 2021 00:00 - - {{hitsCtrl.values.hits}}

The Seminar/Webinar on the New SEC Act to be held on 22 October will put a spotlight on the enhanced role of the auditor.

With a focus of how directors and shareholders can avoid breaching insider dealing provisions – something will be a key topic discussed – the seminar will also highlight the salient provisos that directors and shareholders need to be aware of.

“The New SEC Act is a timely paradigm shift in regulatory approach and caters to a new disclosure based regulatory regime that stakeholders need to be aware of,” said organisers Corporate Management Consultants.

Under the new Act, the role of the auditors has been enhanced, with an additional responsibility to report any matter of non-compliance directly to the regulator. In a more contemporary securities regime, the duties of auditors should come under scrutiny and regulation, with their scope being expanded to make listed and market institutions more transparent.

In the event of any contravention of any rules or regulations which may adversely affect the financial position of the listed public company to a material extent, the auditor shall immediately report such matter or non-compliance to the audit committee in writing to – and if no remedial measure is taken within two weeks – refer the matter to the Board of Directors in writing to rectify the breach or deter the commission of a breach that has not yet happened. If no action is taken the auditor must notify the Commission and the Exchange and appropriate disclosures made to shareholders. Such empowered auditors would create an environment where investors are more comfortable in trading in such a market and maintain transparency in all market functions.

The webinar on the New SEC Act and its implications for listed companies and market participants will be held on 22 October, from 2 p.m. to 5 p.m. on Zoom, while the seminar will be held at the Shangri-La Hotel Colombo.

The Speakers will comprise SEC Sri Lanka Former DG and Chairman Dr. D.C. Jayasuriya PC, Nithya Partners Precedent Partner and Former SEC Sri Lanka DG Dr. Arittha Wikramanayake, PwC Sri Lanka Chief Executive Officer Sujeewa Mudalige, and LOLC General Insurance CEO and Former SEC Director – Legal Kithsiri Gunawardena, while SEC Former DG and Ministry of Finance Senior Adviser Malik Cader will chair and moderate the sessions.

This seminar/webinar is for directors and senior management of listed companies, auditors and accountants, company secretaries, stockbrokers, entities regulated by the SEC, regulators, lawyers and compliance managers, and investors. For registration please call Yasmin - 077 775 7748 or James - 070 642 0642.