The Board or any person duly authorized by the Board may –


  1. By notice in writing require a specified business enterprise or its auditors to furnish to the Board or to a person authorized by the Board, within such time, as shall be specified in the notice, any information pertaining to its financial statements and it shall be the duty of such specified business enterprise or its auditors, as the case may be, to comply with such requirement within the time specified in the notice;

  2. Summon and question any director. Officer or auditor of any specified business enterprise or any matter pertaining to the preparation or presentation of its financial statements; and

  3. Carry out such investigations or hold such inquiries as it may by notice in writing consider necessary or expedient for the performance of its duties under this Act, and for such purpose may summon and call upon any director, officer or auditor of any specified business enterprise to appear before it at any such investigation or inquiry or to produce any such books or documents in the possession or control of such director, officer or auditor as are required for the purpose of such investigation or inquiry.

Note: A notice described in (1) above has to be issued not later than one year after the specified business enterprise has submitted the relevant financial statements to the Board. There is no time limit to exercise the other powers.

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Sri Lanka Accounting and Auditing Standards Monitoring Board
3rd floor Bible House Building,
293 Galle Road, Colombo 3, Sri Lanka
94-1-2301210
94-1-2301211

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