Publication:
Sri Lanka : Accounting and Auditing

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-07-24T18:57:35Z
dc.date.available2013-07-24T18:57:35Z
dc.date.issued2004-05-21
dc.description.abstractSri 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2004/05/6589025/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing
dc.identifier.doi10.1596/14536
dc.identifier.urihttps://hdl.handle.net/10986/14536
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING POLICIES
dc.subjectACCOUNTING STANDARDS
dc.subjectADEQUATE DISCLOSURE
dc.subjectAUDITING
dc.subjectAUDITING STANDARDS
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBAD DEBT
dc.subjectBAD DEBT LOSSES
dc.subjectBALANCE SHEETS
dc.subjectBANK SUPERVISION
dc.subjectBANKS
dc.subjectBOARDS OF DIRECTORS
dc.subjectCAPITALIZATION
dc.subjectCENTRAL BANK OF SRI LANKA
dc.subjectCIVIL SERVICE
dc.subjectCOMMERCIAL BANKS
dc.subjectCONSOLIDATED FINANCIAL STATEMENTS
dc.subjectDEBT
dc.subjectECONOMICS
dc.subjectEMPLOYMENT
dc.subjectEXCHANGE RATES
dc.subjectEXTERNAL AUDITORS
dc.subjectFINANCE COMPANIES
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL REPORTING
dc.subjectFOREIGN EXCHANGE
dc.subjectINCOME STATEMENTS
dc.subjectINSURANCE
dc.subjectINSURANCE INDUSTRY
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINVENTORY
dc.subjectLIQUIDITY
dc.subjectMANDATES
dc.subjectMARKET VALUE
dc.subjectNEW ENTRANTS
dc.subjectOPERATING EXPENSES
dc.subjectPEER REVIEW
dc.subjectPERFORMANCE STANDARDS
dc.subjectPRESENT VALUE
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectRETIREMENT
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSHAREHOLDERS
dc.subjectSHAREHOLDERS EQUITY
dc.subjectSOUTH ASIAN
dc.subjectSPECIALIZED BANKS
dc.subjectSTOCK EXCHANGES
dc.subjectSUBSIDIARIES
dc.subjectTAXATION
dc.titleSri Lanka : Accounting and Auditingen
dspace.entity.typePublication
okr.crosscuttingsolutionareaPublic-Private Partnerships
okr.date.doiregistration2025-05-07T09:23:34.106532Z
okr.doctypeEconomic & Sector Work::Accounting and Auditing Assessment (ROSC)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2004/05/6589025/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid781991468115455417
okr.identifier.externaldocumentum000012009_20060209152240
okr.identifier.internaldocumentum6589025
okr.identifier.report35187
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/02/09/000012009_20060209152240/Rendered/PDF/351870CE0REV0Accounting0rosc1aa1sri.pdfen
okr.region.administrativeSouth Asia
okr.region.countrySri Lanka
okr.sectorFinance :: General finance sector
okr.topicPrivate Sector Development::Business Environment
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Rural Finance
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicPrivate Sector Development::Business in Development
okr.unitFinancial Management Unit (SARFM)
okr.volume1 of 1
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