Page 79 - 2596-CA SR Lanka- Annual Report 2022

REPORT OF THE GOVERNANCE AND AUDIT COMMITTEE (GAC)

Accountability Committee members Attendance of meetings held
Preparation of Financial Statements 1. Mr. R. N. Asirwatham 4 out of 5
The Financial Statements of the Institute 2. Mr. Nirmal Fernando 4 out of 5
have been prepared in accordance with 3. Mr. Nanda Bandara 4 out of 5
the Sri Lanka Accounting Standards 4. Mr. T Someswaran 4 out of 5
issued by the Institute. The Annual Report 5. Mr. Mohan Abeynaike 5 out of 5
Task Force reviews the presentation 6. Ms. Shamura Hadgie 5 out of 5
and disclosure of the Annual Report. 7. Ms. Coralie Pietersz 2 out of 5
The Governance and Audit Committee 5. Mr. B. E. Wijesuriya 4 out of 5
(GAC) reviews and submits the financial
statements to the Council for approval Risk Management and Internal Council for her re-appointment. The
and publication. The Financial Statements Control audited Financial Statements are
are certified by the Head of Finance and External Auditors are appointed by the discussed with External Auditors and
Chief Executive Officer and approved by Council based on the recommendations GAC provides assurance to the Council
the Council. of the Governance and Audit Committee that they were in conformity with the Sri
and are changed every two years. GAC Lanka Accounting Standards and other
Internal Controls reviews the external audit process without regulatory requirements.
Effectiveness of the Institute’s system hindering independence and ensures that
of internal controls is evaluated through the internal audit is carried out in line with Assurance
reports provided by the Internal Auditor the Institutes requirements. The Governance and Audit Committee
and the External Auditor. The internal (GAC) is satisfied that the accounting
audit is outsourced under the review of Code of Best Practice and Ethics policies and operational controls
CA Internal Auditor to Messrs. Tudor V. The following key controls and procedures provide reasonable assurance that the
Perera & Company, a firm of Chartered are in place to ensure adherence to Code affairs of the Institute are prudently
Accountants, who submit their findings to of Best Practice and Ethics: managed and the Institute’s assets are
the GAC quarterly. Important observations properly accounted for and adequately
are reported to the Council. Periodic Reporting Requirements - In safeguarded.
order to strengthen the good governance,
Governance and Audit Committee periodic reports are prepared and
GAC is an independent audit and submitted for review.
governance committee that has been
established by the Council to facilitate • Monthly financial statements are
oversight responsibilities and the integrity presented to the Council through the R. N. Asirwatham
of the Financial Statements, compliance F&A Committee. Chairman - Governance and Audit
with internal control and regulatory • Annual financial statements are Committee
requirements, make recommendations prepared and presented to the
regarding appointment of Internal and Council and published in the
External Auditors, review the Internal government gazette and also
Auditor’s and External Auditor’s furnished to the subject Minister.
performance and independent review of
the internal audit function. • Quarterly Internal Audit Reports are
submitted to the GAC and highlights
Although the operations of the Institute are reported to the Council.
does not inherit a significant risk of related
party transactions such matters are Review of External Auditor - GAC
monitored through its internal controls and assessed the performance and
procurement process. effectiveness of the external auditor’s
independence, professional capabilities
The GAC meetings were held for the year and made recommendations to the
2022 under the Chairmanship of Mr. R. N.
Asirwatham and attendance for the year
are as follows:

CA SRI LANKA | Integrated Annual Report 2022 77