Joint Effort

The Securities watchdog has asked the Institute of Chartered Accountants to incorporate the SEC’s views into the ICASL’s corporate governance code. The Securities watchdog has asked the Institute of Chartered Accountants to incorporate the SEC’s views into the ICASL’s corporate governance code. The Securities & Exchange Commission says the changes should be made within the next three months, and co-branded as ‘ICASL/SEC Code of Corporate Governance’.

"It is intended the main provisions of the said composite Code be subsequently incorporated in the Listing Rules of the CSE for mandatory compliance by the Listed Companies," SEC Director General Palitha Silva Gunawardene said Wednesday.

A recent study of the International Federation of Accountants indicated that the failure of most high profile corporate audit reports are attributed to non compliance of good corporate governance principles, financial reporting and the failure of the governing bodies to monitor them.

The report also highlights the important contribution various stakeholders can make in arresting such situation.

The SEC, in consultation with a top level stakeholder c