Page 106 - annual_report_2024

104 CA Sri Lanka Integrated Annual Report 2024

Report of the Governance and Audit Committee (GAC)

Accountability Risk Management and Internal Control
Preparation of Financial Statements External Auditors are appointed by the Council based on the
The Financial Statements of the Institute have been prepared recommendations of the Governance and Audit Committee
in accordance with the Sri Lanka Accounting Standards and are changed every five years. GAC reviews the external
issued by the Institute. The Annual Report Task Force reviews audit process without hindering independence and ensures
the presentation and disclosure of the Annual Report. The that the internal audit is carried out in line with the Institute’s
Governance and Audit Committee (GAC) reviews and submits requirements.
the financial statements to the Council for approval and
publication. The Financial Statements are certified by the Head Code of Best Practice and Ethics
of Finance and Chief Executive Officer and approved by the The following key controls and procedures are in place to
Council. ensure adherence to Code of Best Practice and Ethics:

Internal Controls Periodic Reporting Requirements – In order to strengthen the
The effectiveness of the Institute’s system of internal controls good governance, periodic reports are prepared and submitted
is evaluated through reports provided by the Internal Auditor for review.
and the External Auditor. The internal audit is outsourced under
the review of CA Internal Auditor to Messrs. Tudor V. Perera E Monthly financial statements are presented to the Council
& Company, a firm of Chartered Accountants, who submit through the Finance and Administration (F&A) Committee.
their findings to the GAC quarterly. Important observations are E Annual financial statements are prepared and presented to
reported to the Council. the Council and published in the government gazette and
also furnished to the subject Minister.
Governance and Audit Committee E Quarterly Internal Audit Reports are submitted to the GAC
GAC is an independent audit and governance committee that and highlights are reported to the Council.
has been established by the Council to facilitate oversight
responsibilities and the integrity of the Financial Statements, Review of External Auditor - GAC assessed the performance
compliance with internal control and regulatory requirements, and effectiveness of the external auditor’s independence,
make recommendations regarding appointment of Internal professional capabilities and made recommendations to
and External Auditors, review the Internal Auditor’s and External the Council for the re-appointment. The audited Financial
Auditor’s performance and independent review of the internal Statements are discussed with External Auditors and GAC
audit function. provides assurance to the Council that they were in conformity
with the Sri Lanka Accounting Standards and other regulatory
The GAC meetings were held for the year 2024 under the requirements.
Chairmanship of Mr. Lakshman Athukorala and attendance for
the year are as follows: Assurance
The Governance and Audit Committee is satisfied that the
Committee Members Attendance of accounting policies and operational controls provide reasonable
meetings held (5) assurance that the affairs of the Institute are prudently managed
and the Institute’s assets are properly accounted for and
Lakshman Athukorala - Chairman 5
adequately safeguarded.
Shamura Hadgie 3
Buwanesh Wijesuriya 3
P. M. Liyanage 4
Himali Hewage 5
Lalith Yatiwella 4 Lakshman Athukorala
Anushka De Silva 4 Chairman - Governance and Audit Committee
Ashane Jayasekara 3 27th March 2025