SEC chief emphasises on auditors’ duties and responsibilities

Continuing the series of engagements with key stakeholders in the capital market landscape, the newly appointed Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), Faizal Salieh, and top officials of the SEC met with the Principal Partners of Audit firms recently at the SEC.

The purpose of the meeting was to discuss with the Audit firms their role, duties, responsibilities and expectations under the SEC Act when carrying out audits of Market Institutions, Market Intermediaries and Public Listed Companies. About 14 Audit firms attended the meeting, including the 4 big league Audit firms.

SEC Commission Member and President of the Institute of Chartered Accountants of Sri Lanka, Sanjaya Bandara, SEC Director General, Chinthaka Mendis, Colombo Stock Exchange (CSE) CEO, Rajeeva Bandaranaike, Director General of the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLASSMB), Ms. Anusha Mohotti, as well as Senior officials of the SEC, CSE and SLASSMB were present at the meeting.

Salieh said that auditors are responsible for verifying and assuring the accuracy of financial reports and overall compliance of listed companies, market institutions and intermediaries through the audit process. He mentioned that this expanded scope of an Auditor’s role would help build the trust and confidence of investors in the capital market.