Page 82 - 2596-CA SR Lanka- Annual Report 2022

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF THE INSTITUTE My opinion on the financial statements does and are considered material if, individually
OF CHARTERED ACCOUNTANTS OF not cover the other information and I do not or in the aggregate, they could reasonably
SRI LANKA express any form of assurance conclusion be expected to influence the economic
Report on the Audit of the Financial thereon. decisions of users taken on the basis of
Statements these financial statements.
In connection with my audit of the financial
Opinion
statements, my responsibility is to read
I have audited the accompanying financial the other information and, in doing so,
statements of The Institute of Chartered consider whether the other information is • As part of the audit in accordance
Accountants of Sri Lanka (the Institute), materially inconsistent with the financial with SLAuSs, I exercise professional
which comprise the Statement of financial statements or my knowledge obtained in the judgement and maintain professional
position as at December 31, 2022, and audit or otherwise appears to be materially scepticism throughout the audit. I
the Statement of comprehensive income, misstated, If, based on the work we have also:
Statement of changes in funds and reserves, performed, I conclude that there is a material
and Statement of cash flows for the year misstatement of this other information, I am • Identify and assess the risks of
then ended, and notes to the financial required to report that fact. I have nothing to material misstatements of the financial
statements, including a summary of report in this regard. statements, whether due to fraud
significant accounting policies. I have also and error, design and perform audit
audited the statements of Financial Position Responsibilities of Management and procedures responsive to those risks,
of F B Lander Prize Fund and Cyril E Begbie those who charged with governance for and obtain audit evidence that is
Memorial Price Fund as at 31 December the Financial Statements sufficient and appropriate to prove a
2022. basis for my opinion. The risk of not
In my opinion, so far as appears from my Management is responsible for the detecting a material misstatement
preparation of financial statements that give
examination, the accompanying financial resulting from fraud is higher than for
statements give a true and fair view of the a true and fair view in accordance with Sri one resulting from error, or fraud may
Lanka Accounting Standards and for such
financial position of the Institute, F B Lander involve collusion, forgery, intentional
Prize Fund and Cyril E Begbie Memorial Prize internal controls as management determines omission, misrepresentations, or the
is necessary to enable the preparation of
Fund as at December 31, 2022 and financial override of internal controls.
performance of the Institute and its cash financial statements that are free from
material misstatement, whether due to fraud
flows for the year then ended in accordance • Obtaining an understanding of internal
with Sri Lanka Accounting Standards. or error. controls relevant to the audit in order
In preparing the financial statements, to design audit procedures that are
Basis for Opinion appropriate in the circumstances, but
management is responsible for assessing
“I conducted the audit in accordance with the Institute’s ability to continue as a going not for the purpose of expressing an
Sri Lanka Auditing Standards (SLAuSs). concern, disclosing, as applicable, matters opinion on the effectiveness of the
My responsibilities under those standards related to going concern and using the Institute’s internal controls.
are further described in the Auditor’s going concern basis of accounting unless
Responsibilities for the Audit of the Financial management either intends to cease • Evaluate the appropriateness of
Statements section of my report. I am operations, or has no realistic alternative but accounting policies used and the
independent of the Institute in accordance to do so. Those charged with governance reasonableness of accounting estimates
with the ethical requirements of the Code are responsible for overseeing the Institute’s and related disclosures made by
of Ethics issued by CA Sri Lanka (Code of financial reporting process. management.
Ethics) that are relevant to my audit of the
financial statements, and I have fulfilled my Auditor’s Responsibilities for the Audit • Conclude on the appropriateness of
other ethical responsibilities in accordance of the Financial Statements management’s use of the going concern
with the Code of Ethics. I believe that the “My objectives are to obtain reasonable basis of accounting and, based on the
audit evidence I have obtained is sufficient assurance about whether the financial audit evidence obtained, whether a
and appropriate to provide a basis for my statements as a whole are free from material material uncertainty exists related to
opinion. events or conditions that may cast
misstatements, whether due to fraud or significant doubt on the Institute’s
error, and to issue an auditor’s report that
Other Information ability to continue as a going concern.
includes my opinion. Reasonable assurance
Management is responsible for other is a high level of assurance, but is not If I conclude that a material uncertainty
information. The other information comprises a guarantee that an audit conducted in exists, I am required to draw attention
the information included in the Annual accordance with SLAuSs will always detect in my auditor’s report to the related
Report, but does not include the financial a material misstatement when it exists.
statements and my auditor’s report thereon. Misstatements can arise from fraud or error

80 CA SRI LANKA | Integrated Annual Report 2022