The current Sri Lanka Auditing Standards (SLAuSs) under the Clarity Project published in the Handbook on Sri Lanka Auditing Standards and Sri Lanka Standard on Quality Control 1- 2011 is effective for audits of financial statements for periods beginning on or after 1 January 2012 whereas the Sri Lanka Standard on Quality Control will become effective on 1 January 2013.
However, considering the practical implications of applying certain Clarified Standards, the Council has decided to revise the effective date of the Clarified Standards and accordingly, the Clarified Standards will be effective for audits of financial statements for periods beginning on or after 1 January 2014.
Further, it should be noted that the effective date of the Sri Lanka Standard on Quality Control 1 will remain unchanged as 1 January 2013.
