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Session on Non-Compliances with Sri Lanka Accounting and Auditing Standards as Identified by SLAASMB

An exclusive workshop on, ‘Non-Compliances with Sri Lanka Accounting and Auditing Standards as Identified by SLAASMB’ was conducted on 26th of September 2024 at CA Sri Lanka by Director General, Ms Anusha Mohotti, Deputy Director General, Ms Hafsa Banu Razzak and Director Supervision, Ms Kalani Hettiarachchi for CA Members with a view to improve the quality in the preparation of financial statements and the conduct of audits in the country.

Session Conducted for the undergraduates at University of Sri J’pura

Session on the internship program at SLAASMB was conducted by Deputy Director General, Ms Hafsa Banu Razzak and Director Supervision, Ms Kalani Hettiarachchi for the undergraduates of the Department of Accounting of the University of Sri Jayewardenepura on 31 October 2023.

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Latest Findings

Sri Lanka Cement Corporation (SLCC) (2022)
- Not reflecting the investment in equity shares at its fair value (Paragraph 5.2.1 of SLFRS 9).
- Not recognizing certain lands in the financial statements of which SLCC has the control, right and potential to produce economic benefits from the lands (Paragraph 15 of LKAS1).

State Engineering Corporation of Sri Lanka (2022)
   - Incorrectly recognizing a deferred tax asset relating to tax losses without assessing the availability of the future taxable profits.
   - Not amalgamating the revenue from all the projects in the financial statements.
   - Not recognizing an adequate allowance for impairment (LKAS 39)
   - Not making a reliable estimate of the long overdue payable for VAT, GST and NSL by not reconciling the differences between the payable balance recognized in the financial statements and the payable balance confirmed by the Inland Revenue Department.

Local Loans and Development Fund (2023)
- Not applying the requirements of Sri Lanka Accounting Standard SLFRS 9, when preparing and presenting the financial statements for the year ended 31 December 2021, when SLFRS 9 is effective (References: Paragraph 7.1.1. of SLFRS 9).

Nawaloka Hospitals PLC (2023)
- Failing to maintain proper accounting records and not providing the required information to the auditor for the financial year ended 31 March 2022 (Reference: Section 6 (1) of the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995).