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.

Source : http://www.ft.lk/financial-services/Global-independent-audit-regulators-to-meet-in-Colombo-next-week/42-649103