Global independent audit regulators to meet in Colombo

Independent audit regulators from around the world will gather in Colombo tomorrow at the 12th Annual Inspection Workshop of the International Forum of Independent Audit Regulators (IFIAR).

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) is hosting the 3-day forum which will be held at the Cinnamon Lakeside Hotel with the participation of over 110 professionals representing audit regulators from 40 countries including the US, UK, Canada, France, Germany, Switzerland, Japan and Singapore.

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 said in a media release.

Sri Lanka’s independent Audit Regulator, SLAASMB, 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.

SLAASMB has been a member of the International Forum of Independent Audit since 2007.

SLAASMB has been monitoring compliance with accounting standards since 2000 and began audit inspections in 2007. 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.