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Some 531 errant companies have not sent their financial statements for scrutiny says Sri Lanka’s accounting and auditing watchdog. Some 531 errant companies have not sent their financial statements for scrutiny says Sri Lanka’s accounting and auditing watchdog. Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAASMB) in statement Friday said a recent investigative study identified 531 companies which come within their purview, have not sent their financial statements to the Board.

Following the study the Board has sent letters to all the companies, requiring them to send in their financial statements for the financial years since January 1999.

The study identified a total 1069 companies, including 240 firms listed in the Colombo Stock Exchange (CSE) that needed to report their accounts to the SLAASMB annually.

However, only 638 companies had complied prior to the study, the SLAASMB said.

The crackdown falls in line with the Sri Lanka Accounting & Auditing Standards Act No: 15 of 1995 which makes the formality mandatory to companies specified by the Act.

Firms falling within the “specified cate