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.
City Housing & Real Estate Company PLC (2017)
incorrectly recognizing Available for Sale investments in the absence of evidence to establish its ownership and existence .( Reference paragraph 11 of LKAS 32 and paragraph 4.44 of The Conceptual Framework);
incorrectly recognizing the amounts payable to related parties without establishing the existence and completeness of the balances .( Reference paragraph 11 of LKAS 32 and paragraph 4.46 of The Conceptual Framework;
failing to assess the impairment of the amounts due from related parties .( Reference paragraph 58 of LKAS 39)