Global independent audit regulators to meet in Colombo

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 February 20th, 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 February 19th 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.