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CA Sri Lanka Integrated Annual Report 2024 109

Misstatements can arise from fraud E Evaluate the appropriateness of Report on Other Legal and Regulatory
or error and are considered material accounting policies used and the Requirements
if, individually or in the aggregate, reasonableness of accounting I communicate with those charged with
they could reasonably be expected to estimates and related disclosures governance regarding, among other
influence the economic decisions of made by management. matters, the planned scope and timing
users taken on the basis of these financial of the audit and significant audit findings,
statements. E Conclude on the appropriateness including any significant deficiencies in
of management’s use of the going internal controls that I identify during the
As part of the audit in accordance concern basis of accounting and, audit.
with SLAuSs, I exercise professional based on the audit evidence
judgement and maintain professional obtained, whether a material
scepticism throughout the audit. I also: uncertainty exists related to
events or conditions that may cast
E Identify and assess the risks of significant doubt on the Institute’s Ms. M.K.K. Karunaratne
material misstatements of the ability to continue as a going Chartered Accountant
financial statements, whether concern. If I conclude that a material
due to fraud and error, design uncertainty exists, I am required Colombo
and perform audit procedures to draw attention in my Auditor’s 27 March 2025
responsive to those risks, and obtain report to the related disclosures in
audit evidence that is sufficient and the financial statements or, if such
appropriate to prove a basis for my disclosures are inadequate, to
opinion. The risk of not detecting modify my opinion. My conclusions
a material misstatement resulting are based on the audit evidence
from fraud is higher than for one obtained up to the date of my
resulting from error, or fraud may Auditor’s report. However, future
involve collusion, forgery, intentional events or conditions may cause the
omission, misrepresentations, or the Institute to cease to continue as a
override of internal controls. going concern.

E Obtaining an understanding of E Evaluate the overall presentation,
internal controls relevant to the structure and content of the
audit in order to design audit financial statements, including
procedures that are appropriate in the disclosures, and whether the
the circumstances, but not for the financial statements represent the
purpose of expressing an opinion underlying transactions and events
on the effectiveness of the Institute’s in a manner that achieves fair
internal controls. presentation.