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“There will be many benefits in the new audit report, such as enhanced communication between auditors and investors, as well as those charged with corporate governance, increased user confidence in audit reports and financial statements, increased transparency, audit quality, and enhanced information value, increased attention by management and financial statement preparers to disclosures referencing the auditor’s report, renewed auditor focus on matters to be reported that could result in an increase in professional skepticism, enhanced financial reporting in the public interest which means the improved auditor’s report will enhance the transparency in financial reporting as a whole,” Mr. He also added that increasing the communicative value of the auditor’s report is critical to the perceived value of the financial statement audit.
The improved auditor’s reporting through new and revised auditing standards increases the transparency and confidence in the audit and financial statements.
This change adds more transparency in the auditor’s report about the auditor’s work.
With the new and revised auditing standards coming into effect, CA Sri Lanka, in its capacity as the sole promulgator of accounting and auditing standards in the country has been conducting a series of awareness programmes amidst stakeholders, to help educate them on the latest changes, and ensure they are aware of the new standards that is coming into effect both at a local and global level.
The new Audit Report by the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants (IFAC) has been designed to enhance auditor’s reports for investors and other users of financial statements. Lasantha Wickremasinghe said that the new and Improved Auditor’s Report will enhance transparency in the field of financial reporting.
He said that the changes will substantively change the auditors’ reporting and there would be anticipated benefits.
SLASSCOM acts as a catalyst of growth of the Sri Lankan IT and BPM industry by facilitating trade and business, propagation of education and employment, encouragement of research and innovation, and by supporting the creation of a progressive national policy framework.
KAM are that the auditor views as most significant, with an explanation of how they were addressed in the audit.
The new international audit related reporting standards was released following several years of development.
This applies to audits of complete sets of general purpose financial statements of listed entities.
Being ranked as 7th among the 15 emerging cities for FAO by Tholons and leading global companies setting up their FAO centers in Sri Lanka further the re-iterates Sri Lanka's prowess in the industry (SLASSCOM-PWC Sri Lankan IT/BPM industry review, 2014). In the initial phase of the project, 10 to 15 firms that possess high potential to leverage their current infrastructure, outsourcing capabilities and networks will be selected for the pilot phase where they will be expected to carry out global outsourcing.
The agreement was signed by President of CA Sri Lanka Mr. In the second phase, based on the lessons learnt and the success in the pilot programme, the programme will be replicated on an annual basis with a broader number of audit firms and small and medium scale finance and accounting service providers throughout the country included to carry out the global outsourcing activities.