FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Investor Alert: Sri Lanka Stock Brokering Mafia Strongly Active!
by D.G.Dayaratne Today at 6:29 am

» Excellent Report pending From CTC (Keep eye on CTC )
by Dasun Maduwantha Today at 5:28 am

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by D.G.Dayaratne Yesterday at 9:39 pm

» What are the key aspects of the Online Safety Act?
by God Father Tue Feb 27, 2024 10:35 pm

» TAFL is the most undervalued & highly potential counter in the Poultry Sector
by Investment 1st Tue Feb 27, 2024 9:00 pm

» How to defeat Ranil Wickramasinghe at the next Presidential Elections
by empire Sat Feb 24, 2024 10:34 am

» FINANCE AND LEASING SECTOR
by ApolloCSE Sat Feb 24, 2024 1:35 am

» Why Foreign Sales have gone up during last few days
by D.G.Dayaratne Fri Feb 23, 2024 10:21 am

» Market Performance (2022-2024)
by D.G.Dayaratne Fri Feb 23, 2024 6:10 am

» Richard Pieris Exports PLC (REXP.N0000) future looks bleak!
by God Father Wed Feb 21, 2024 3:34 pm

» ANALYSIS: Sri Lanka Car Market 2024
by D.G.Dayaratne Mon Feb 19, 2024 11:14 am

» LOLC Group's stunning performance goes beyond numbers!
by samaritan Mon Feb 19, 2024 10:57 am

» RED ALERT!! from Richard Pieris and Company PLC
by ChooBoy Sun Feb 18, 2024 10:28 pm

» Sri Lanka: China EXIM Bank Debt Moratorium to End in 2024
by God Father Sun Feb 18, 2024 8:29 am

» IPO Failures in Sri Lanka
by God Father Sun Feb 18, 2024 8:21 am

» HOTEL AND TRAVEL SECTOR
by ErangaDS Sat Feb 17, 2024 9:57 pm

» Treasury Bill is an option of Fixed income
by ResearchMan Sat Feb 17, 2024 2:31 pm

» CONSTRUCTION SECTOR
by Gaudente Thu Feb 15, 2024 7:40 pm

» LOLC FINANCE PLC (LOFC.N0000)
by Equity Win Wed Feb 14, 2024 7:14 pm

» CENTRAL FINANCE COMPANY PLC (CFIN.N0000)
by Gaudente Wed Feb 14, 2024 3:28 pm

» Natural Gas Faces Steep Decline
by ResearchMan Wed Feb 14, 2024 1:17 pm

» CSE geared into BULL mode
by deli Tue Feb 13, 2024 8:31 pm

» FIRST CAPITAL HOLDINGS PLC (CFVF.N0000)
by Beyondsenses Fri Feb 09, 2024 10:30 am

» EXTERMINATORS PLC (EXT.N0000)
by K.R Thu Feb 08, 2024 9:28 pm

» Sri Lanka: Banking Sector Stability?
by God Father Wed Feb 07, 2024 10:35 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

Sri Lanka auditors to flag violations of laws and rules to SEC: Chairman

2 posters

Go down  Message [Page 1 of 1]

God Father


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Sri Lanka auditors to flag violations of laws and rules to SEC: Chairman SCE-Board

ECONOMYNEXT – Auditors of listed companies should flag breaches of rules or directions to the Sri Lanka Securities and Exchange Commission if listed companies or market intermediaries do not take timely action, newly appointed Chairman Faizal Salieh had said.

Auditors first have to report non-compliance or breach of a rule, law, regulation or regulatory directive under the SEC Act, a fraud or irregularity which has a material impact on the company to the Audit Committee.

In the Audit Committee fails to take action within two weeks, the auditor is required under the Act to inform the Board of Directors. If no action is taken by the Director Board within two weeks, the auditor should red flag it to the SEC.

The internal control environment of companies should also be looked into.

“In order to establish a fair, orderly and transparent capital market it is important that the whole gamut of a company’s governance and risk management structures and processes are rigorously audited,” Salieh was quoted as saying at a meeting with Auditors.

A news SEC Act had classified Auditors as “Supplementary Service Providers” to the SEC and Colombo Stock Exchange.

Auditors are responsible for verifying and assuring the accuracy of financial reports and overall compliance of listed companies, market institutions and intermediaries.

Auditors of Market Intermediaries also have a reporting obligation to the Colombo Stock Exchange Board in the case of a breach or non-compliance of rules.

The CSE should be promptly informed if the auditor is aware of a situation that adversely affects the financial position of a Market Intermediary to a material extent.

The Audit Committee, the Board of Directors should be informed by a written report on a matter affects the financial position of the entity to a material extent.

Any breach of the law, rules or directives, fraud or an irregularity that has or may have a material effect on the accounts of the entity or that of the funds or property of investors in securities should be reported.

Auditors are also obligated to send a copy of such reports to the SEC.

The Sri Lanka Accounting Auditing Standards Monitoring Board was in charge of analyzing accounts of the entities.

Salieh had requested SLASSMB to share any significant findings from their monitoring activities with the SEC’s Supervision Division. (Colombo/ April02/2023)

https://economynext.com/sri-lanka-auditors-to-flag-violations-of-laws-and-rules-to-sec-chairman-117045/

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

SEC should also request Company Secretaries of Listed Companies also to report SEC and CSE regarding
violation of the rules and regulations of the Companies Act by some listed companies.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum