The function of the Board is to monitor compliance with the Sri Lanka Accounting Standards and the Sri Lanka Auditing Standards in the preparation, presentation and audit of financial statements of specified business enterprises.
Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) established under Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, is Sri Lanka's independent regulator responsible for monitoring compliance with standards in accounting and auditing, in relation to financial statements of entities specified in the act.
SLAASMB has been engaged in monitoring financial reporting by economically significant entities termed as SBEs since the year 2000 and in monitoring auditors since 2007.
