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108 CA Sri Lanka Integrated Annual Report 2024

Independent Auditor’s Report

TO THE MEMBERS OF THE INSTITUTE Responsibilities for the Audit of the Responsibilities of Management and
OF CHARTERED ACCOUNTANTS OF Financial Statements section of my report. those who charged with governance
SRI LANKA I am independent from the Institute in for the Financial Statements
accordance with the ethical requirements Management is responsible for the
REPORT ON THE AUDIT OF THE of the Code of Ethics issued by CA Sri preparation of financial statements that
FINANCIAL STATEMENTS Lanka (Code of Ethics) that are relevant give a true and fair view in accordance
to my audit of the financial statements, with Sri Lanka Accounting Standards and
Opinion and I have fulfilled my other ethical for such internal controls as management
I have audited the accompanying responsibilities in accordance with the determines is necessary to enable the
financial statements of The Institute of Code of Ethics. I believe that the audit preparation of financial statements that
Chartered Accountants of Sri Lanka evidence I have obtained is sufficient are free from material misstatement,
(the institute), which comprise the and appropriate to provide a basis for my whether due to fraud or error.
Statement of Financial Position as at 31st opinion.
December 2024, and the Statement of In preparing the financial statements,
Comprehensive Income, Statement of Other Information management is responsible for assessing
Changes in Funds and Reserves, and Management is responsible for other the Institute’s ability to continue as a
Statement of Cash Flows for the year information. The other information going concern, disclosing, as applicable,
then ended, and notes to the financial comprises the information included in matters related to going concern
statements, including a summary of the Annual Report, but does not include and using the going concern basis of
significant accounting policies. I have the financial statements and my Auditor’s accounting unless management either
also audited the statements of Financial report thereon. intends to cease operations, or has no
Position of F B Lander Prize Fund and realistic alternative but to do so. Those
Cyril E Begbie Memorial Price Fund as at My opinion on the financial statements charged with governance are responsible
31st December 2024. does not cover the other information and for overseeing the Institute’s financial
I do not express any form of assurance reporting process.
In my opinion, so far as appears from my conclusion thereon.
examination, the accompanying financial Auditor’s Responsibilities for the Audit
statements give a true and fair view of In connection with my audit of the of the Financial Statements
the financial position of the Institute, F financial statements, my responsibility My objectives are to obtain reasonable
B Lander Prize Fund and Cyril E Begbie is to read the other information and, in assurance about whether the financial
Memorial Prize Fund as at 31st December doing so, consider whether the other statements as a whole are free from
2024 and financial performance of the information is materially inconsistent with material misstatements, whether due to
institute and its cash flows for the year the financial statements or my knowledge fraud or error, and to issue an Auditor’s
then ended in accordance with Sri Lanka obtained in the audit or otherwise report that includes my opinion.
Accounting Standards. appears to be materially misstated, If, Reasonable assurance is a high level of
based on the work we have performed, assurance, but is not a guarantee that
Basis for Opinion I conclude that there is a material an audit conducted in accordance with
I conducted the audit in accordance with misstatement of this other information, SLAuSs will always detect a material
Sri Lanka Auditing Standards (SLAuSs). I am required to report that fact. I have misstatement when it exists.
My responsibilities under those standards nothing to report in this regard.
are further described in the Auditor’s