Chartered accountancy firms’ credibility at stake

According to Senior Presidential Advisor Ashu Marasinghe, about 27 Chartered Accountancy firms have been advising their clients to avoid paying income taxes by hiding their revenues.

It is very unethical and unprofessional for the CA firms to collude with their clients and resort to the above malpractices. How can then one trust the accuracy of the Profit & Loss account and the Balance Sheet of corporates certified as true and correct by these audit companies?

I request the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and other professional accountancy bodies to intervene and get the CA firms to strictly adhere to all the accountancy and auditing standards, rules and principles in order to show the true state of affairs of the companies as otherwise the credibility of the accountancy professionals and the firms is at stake.

Mohamed Zahran