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| Wednesday, 3 September 2003 |
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Draft guidelines for auditing in listed companies The Securities and Exchange Commission (SEC) has invited public views on the Draft Guidelines for Auditors and Audit Process in relation to listed companies. The objective of these Draft Guidelines is to strengthen the existing Audit Process in listed companies in order to enhance investor confidence. The Draft Guidelines for Auditing in Listed Companies contemplate inter alia: Duties, Responsibilities, Audit Partner Rotation, Conflict of Interest, Financial Reporting, Restriction of Non-Audit Services and Applicable Law. These Draft Guidelines are the result of deliberations of a SEC appointed Committee on the "Role of Auditors" which had multiple consultations from May 2002, comprising senior members of regulatory bodies and representative senior partners of Audit Firms. The recommendations would be supplementary guidelines to the existing "Code of Best Practice on Audit Committees" published by the Institute of Chartered Accountants of Sri Lanka (ICASL). The Draft Guidelines have been posted in the SEC's web site www.sec.gov.lk and the SEC invites the public and/or corporate bodies to forward their feedback to the Secretariat on or before September 18, as these will be debated at a workshop to be held on September 26, Palitha Silva Gunawardene, Director General, Securities and Exchange Commission of Sri Lanka, said. |
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