Duties of Specified Business Enterprises

Every specified business enterprise is required to –  

1. Prepare its financial statements in compliance with Sri Lanka Accounting Standards, and take all necessary measures to ensure that the financial statements are audited in accordance with Sri Lanka Auditing Standards with the object of presenting a true and fair view of the financial performance and financial position of such enterprise
2. Have the financial statements audited by members of the Institute of Chartered Accountants of Sri Lanka holding a certificate to practice issued by the Institute
3. Submit the annual audited financial statements of the enterprise to the Sri Lanka Accounting and Auditing Standards Monitoring Board, to enable the Board to determine whether the financial statements have been prepared in compliance with Sri Lanka Accounting Standards
4. Furnish to the Board or to any person authorized by the Board any information pertaining to its financial statements as may be required by the Board of any person authorized by the Board within such time, as may be specified in a notice issued by the Board or any person authorized by it.

Every specified business enterprise is requested to submit two copies of the annual report as required to the address stated below, and obtain a receipt of the same.

Director General, Sri Lanka Accounting and Auditing Standards Monitoring Board, 3rd Floor, 293 Galle Road, Colombo 03. Tel: +94 11 2301 210 Fax: +94 11 2301 211 Email: info@slaasmb.gov.lk

Duties of Management

It is the duty of all directors, Managers, secretaries and other similar officers of a company or a public Corporation to exercise all such diligence to prevent the commission of an offence under the Act as he/she ought to exercise having regard to the nature of his/her functions and the circumstances of the case. Please refer to the paragraph on “Penalties and other Implications” for further details.