The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) has arranged a series of sessions to be conducted on the Framework for Audit Quality developed by the International Auditing and Assurance Standards Board (IAASB) and on the new International Auditing Standard (ISA) 701 which deals with the auditor’s responsibility to communicate key audit matters [...]

The Sunday Times Sri Lanka

Capacity building for quality audits

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The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) has arranged a series of sessions to be conducted on the Framework for Audit Quality developed by the International Auditing and Assurance Standards Board (IAASB) and on the new International Auditing Standard (ISA) 701 which deals with the auditor’s responsibility to communicate key audit matters (KAM) in the auditor’s report.

These sessions will be conducted by Jon Grant who has been active in setting international auditing and ethical standards for many years He had led the project on audit quality, the SLAASMB said in a media release.

This is part of a process funded by the Government to build capacity in the financial reporting supply chain.

“Since the audit quality is best achieved in an environment where there is support from, and appropriate interactions among participants in the financial reporting supply chain, separate sessions are designed targeting these participants namely auditors, members of audit committees and regulators of financial sector. The sessions are scheduled to be held from November 25 to December 2,” the release said.

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