id okr-10986-14536
recordtype oai_dc
spelling okr-10986-145362021-04-23T14:03:18Z Sri Lanka : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ADEQUATE DISCLOSURE AUDITING AUDITING STANDARDS AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEETS BANK SUPERVISION BANKS BOARDS OF DIRECTORS CAPITALIZATION CENTRAL BANK OF SRI LANKA CIVIL SERVICE COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS DEBT ECONOMICS EMPLOYMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCE COMPANIES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FOREIGN EXCHANGE INCOME STATEMENTS INSURANCE INSURANCE INDUSTRY INTERNATIONAL ACCOUNTING STANDARDS INVENTORY LIQUIDITY MANDATES MARKET VALUE NEW ENTRANTS OPERATING EXPENSES PEER REVIEW PERFORMANCE STANDARDS PRESENT VALUE PRUDENTIAL REGULATIONS RETIREMENT SAVINGS SECURITIES SHAREHOLDERS SHAREHOLDERS EQUITY SOUTH ASIAN SPECIALIZED BANKS STOCK EXCHANGES SUBSIDIARIES TAXATION Sri Lanka has made considerable efforts in aligning its accounting and auditing practices with international standards to establish a high-quality corporate financial reporting system. Corporate accounting and disclosure practices, particularly for publicly traded companies, have improved over the past decade. Among forward-looking actions has been the enactment of the Sri Lanka Accounting and Auditing Standards Act and establishment of the Sri Lanka Accounting and Auditing Standards Monitoring Board. However, there appears to be a certain degree of noncompliance in both accounting and auditing practices, resulting mainly from weak enforcement. The weakness is primarily attributed to inadequate regulatory capacity. This report provides an appraisal of the accounting and auditing practices within a broader context of the Sri Lanka institutional framework, and the capacity needed to ensure high-quality corporate financial reporting. Building on past achievements, comprehensive efforts are necessary for strengthening the capacity of regulators, and ensuring effective coordination. Also, there is an urgent need for a system of independent oversight of the audit profession that will protect public interest. This report provides a wide range of policy recommendations focusing on building regulatory capacity, strengthening enforcement mechanisms, initiating legal reforms, undertaking awareness programs for shareholders and top management, urging compliance with guidelines of the International Federation of Accountant, improving education and training, introducing independent oversight of the audit profession, strengthening the professional association, publicizing more widely the enforcement actions against non-compliances, upgrading the licensing procedures for accountants and practicing auditors, and, disclosing audit and non-audit fees separately. These recommendations are expected to provide inputs for designing a country action plan that will further improve the accounting and auditing regime of Sri Lanka. 2013-07-24T18:57:35Z 2013-07-24T18:57:35Z 2004-05-21 http://documents.worldbank.org/curated/en/2004/05/6589025/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14536 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work South Asia Sri Lanka
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING STANDARDS
ADEQUATE DISCLOSURE
AUDITING
AUDITING STANDARDS
AUDITORS
AUDITS
BAD DEBT
BAD DEBT LOSSES
BALANCE SHEETS
BANK SUPERVISION
BANKS
BOARDS OF DIRECTORS
CAPITALIZATION
CENTRAL BANK OF SRI LANKA
CIVIL SERVICE
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
DEBT
ECONOMICS
EMPLOYMENT
EXCHANGE RATES
EXTERNAL AUDITORS
FINANCE COMPANIES
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL REPORTING
FOREIGN EXCHANGE
INCOME STATEMENTS
INSURANCE
INSURANCE INDUSTRY
INTERNATIONAL ACCOUNTING STANDARDS
INVENTORY
LIQUIDITY
MANDATES
MARKET VALUE
NEW ENTRANTS
OPERATING EXPENSES
PEER REVIEW
PERFORMANCE STANDARDS
PRESENT VALUE
PRUDENTIAL REGULATIONS
RETIREMENT
SAVINGS
SECURITIES
SHAREHOLDERS
SHAREHOLDERS EQUITY
SOUTH ASIAN
SPECIALIZED BANKS
STOCK EXCHANGES
SUBSIDIARIES
TAXATION
spellingShingle ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING STANDARDS
ADEQUATE DISCLOSURE
AUDITING
AUDITING STANDARDS
AUDITORS
AUDITS
BAD DEBT
BAD DEBT LOSSES
BALANCE SHEETS
BANK SUPERVISION
BANKS
BOARDS OF DIRECTORS
CAPITALIZATION
CENTRAL BANK OF SRI LANKA
CIVIL SERVICE
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
DEBT
ECONOMICS
EMPLOYMENT
EXCHANGE RATES
EXTERNAL AUDITORS
FINANCE COMPANIES
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL REPORTING
FOREIGN EXCHANGE
INCOME STATEMENTS
INSURANCE
INSURANCE INDUSTRY
INTERNATIONAL ACCOUNTING STANDARDS
INVENTORY
LIQUIDITY
MANDATES
MARKET VALUE
NEW ENTRANTS
OPERATING EXPENSES
PEER REVIEW
PERFORMANCE STANDARDS
PRESENT VALUE
PRUDENTIAL REGULATIONS
RETIREMENT
SAVINGS
SECURITIES
SHAREHOLDERS
SHAREHOLDERS EQUITY
SOUTH ASIAN
SPECIALIZED BANKS
STOCK EXCHANGES
SUBSIDIARIES
TAXATION
World Bank
Sri Lanka : Accounting and Auditing
geographic_facet South Asia
Sri Lanka
description Sri Lanka has made considerable efforts in aligning its accounting and auditing practices with international standards to establish a high-quality corporate financial reporting system. Corporate accounting and disclosure practices, particularly for publicly traded companies, have improved over the past decade. Among forward-looking actions has been the enactment of the Sri Lanka Accounting and Auditing Standards Act and establishment of the Sri Lanka Accounting and Auditing Standards Monitoring Board. However, there appears to be a certain degree of noncompliance in both accounting and auditing practices, resulting mainly from weak enforcement. The weakness is primarily attributed to inadequate regulatory capacity. This report provides an appraisal of the accounting and auditing practices within a broader context of the Sri Lanka institutional framework, and the capacity needed to ensure high-quality corporate financial reporting. Building on past achievements, comprehensive efforts are necessary for strengthening the capacity of regulators, and ensuring effective coordination. Also, there is an urgent need for a system of independent oversight of the audit profession that will protect public interest. This report provides a wide range of policy recommendations focusing on building regulatory capacity, strengthening enforcement mechanisms, initiating legal reforms, undertaking awareness programs for shareholders and top management, urging compliance with guidelines of the International Federation of Accountant, improving education and training, introducing independent oversight of the audit profession, strengthening the professional association, publicizing more widely the enforcement actions against non-compliances, upgrading the licensing procedures for accountants and practicing auditors, and, disclosing audit and non-audit fees separately. These recommendations are expected to provide inputs for designing a country action plan that will further improve the accounting and auditing regime of Sri Lanka.
format Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author World Bank
author_facet World Bank
author_sort World Bank
title Sri Lanka : Accounting and Auditing
title_short Sri Lanka : Accounting and Auditing
title_full Sri Lanka : Accounting and Auditing
title_fullStr Sri Lanka : Accounting and Auditing
title_full_unstemmed Sri Lanka : Accounting and Auditing
title_sort sri lanka : accounting and auditing
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2004/05/6589025/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/14536
_version_ 1764429271688806400