Herd Instinct

April 06, 2007 (LBO) – Sri Lanka’s accounting watchdog has gained membership of a global accounting regulatory forum, the regulator said in a statement. IFIAR with 22 members, focuses on improving audit quality in the institutions and the sustainability of good auditing strategies, the watchdog said.

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) was admitted as member of the International Forum of Independent Audit Regulators (IFIAR) at its first meeting in Tokyo.

SLAASMB as well as regulatory authorities from Finland, Korea, Switzerland, and the United States were admitted as members in the meeting.

SLAASMB has powers to call for annual audited financial reports from listed companies and the larger companies in Sri Lanka.

It can penalise companies for statements that have not been prepared according to Sri Lanka’s accounting standards.