Minister of Special Assignments Dr. Sarath Amunugama last week stressed on the need for proper accountability mechanisms like auditing which will have a greater role to play with Sri Lanka’s economic strategy transitioning to a private sector-led growth.
Addressing the inauguration of the 12th Annual Inspection Workshop of the International Forum of Independent Audit Regulators (IFIAR) held in Colombo last week, the Minister noted that Sri Lanka cannot think of a breakthrough in economic growth unless the country can set right many of the problems that beset companies particularly in the area of auditing.
“If we are to bring in more capital for our companies or go for joint ventures, the investors would like to know the state of health of these companies, types of procedures followed, reporting systems, returns to stakeholders etc” Amunugama said at the event held at the Cinnamon Lakeside Hotel.
Stressing that Sri Lanka is transitioning from a period when the government ran almost all the major enterprises making auditing a ‘superhuman task’, Amunugama underscored the importance of a proper accountability mechanism as companies are compelled to go for joint ventures in search of fresh capital.
“Whatever developments and new techniques that are being used now, I think that is badly necessary in our country,” the Minister who was the chief guest at the official inauguration said.
The three-day forum in which independent audit regulators from around the world convened to share their expertise was hosted by the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB).
The global discussion was attended by over 110 professionals representing audit regulators from 40 countries from all over the world.
IFIAR Chairman Brian Hunt and the Executive Director of the IFIAR Secretariat in Tokyo, Japan, Carl Renner were among the prominent figures who graced the occasion.
IFIAR, established by independent audit regulators from around the world in 2007, shares knowledge of the audit market environment and practical experience of independent audit regulatory activities, promotes collaboration in regulatory activities while providing a platform for dialogue with other international organisations which have interests in enhancing audit quality.
SLAASMB is Sri Lanka’s independent audit regulator established under the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995.