“The Sri Lanka Auditing Standards are based on the International Standards on Auditing (ISA) published by the International Auditing and Assurance Standards Board (IAASB), with slight modifications to meet local conditions and needs. Hence compliance with the Sri Lanka Auditing Standards ensures compliance in all material respects with the International Standards on Auditing.”
As required by the Sri Lanka Accounting & Auditing Standards Act No. 15 of 1995, these Standards have been reviewed by the Statutory Auditing Standards Committee set up under the Act and recommended for adoption by the Council of the Institute. Accordingly the Council has adopted these Standards as the Sri Lanka Auditing Standards (SLAuSs).
Under the Act, compliance with these Standards is compulsory when carrying out the audits of entities specified in the said Act. This Act not only places the responsibility of complying with these Standards on the Auditors alone, but also places a corresponding responsibility on the entity's Management to take all reasonable steps to ensure that these Standards are complied with in the conduct of the audits of their accounts.
The bound volume comprises of the Sri Lanka Auditing Standards and Sri Lanka Standards on Quality Control 1 (Volume I) and Sri Lanka Other Audit Pronouncements and Sri Lanka Related Services Pronouncements (Volume II). Volume II can be referred under Audit Pronouncements via CA Sri Lanka website. These Standards are very well compiled and should provide excellent material for Audit Practitioners.
Please visit www.slaasc.lk/auditing for Sri Lanka Auditing standards
If you are living outside Sri Lanka please click here.
