Sri Lanka Accounting and Auditing Standards Act (No. 15 of 1995)

Sri Lanka Consolidated Acts

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Sri Lanka Accounting and Auditing Standards Act (No. 15 of 1995) - Sect 7

Auditing of accounts of specified business enterprises to be done by qualified Auditors

(1) The accounts of every specified business enterprise shall be audited by professionally qualified auditors who shall be members of the Institute holding a certificate to practice, issued by the Institute, and it shall be the duty of such auditors to certify in their audit report that the audit has been conducted in accordance with the Sri Lanka Auditing Standards and that accounts have been prepared and presented accordance with the Sri Lanka Accounting Standards.

(2) Where any qualified auditor fails to comply with the Sri Lanka Accounting standards and the Sri Lanka Auditing Standards as required by subsection (1), he shall specify clearly the deviations made and give reasons for such deviations.

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