Page 81 - CA Sri Lanka Integrated Annual Report 2023

REPORT OF THE GOVERNANCE AND AUDIT COMMITTEE (GAC)

Accountability Committee members Attendance of meetings held
Preparation of Financial Statements 1. Mr. R. N. Asirwatham (Chairman) 6 out of 6
The Financial Statements of the Institute 2. Mr. Nirmal Fernando 6 out of 6
have been prepared in accordance with 3. Mr. Nanda Bandara 5 out of 6
the Sri Lanka Accounting Standards 4. Mr. T. Someswaran 2 out of 6
issued by the Institute. The Annual Report 5. Mr. Mohan Abeynaike 5 out of 6
Task Force reviews the presentation 6. Ms. Shamura Hadgie 4 out of 6
and disclosure of the Annual Report. 7. Ms. Coralie Pietersz 2 out of 6
The Governance and Audit Committee 8. Mr. B. E. Wijesuriya 6 out of 6
(GAC) reviews and submits the financial
statements to the Council for approval Risk Management and Internal Control Review of External Auditor - GAC
and publication. The Financial Statements External Auditors are appointed by the assessed the performance and
are certified by the Head of Finance and Council based on the recommendations effectiveness of the External Auditor’s
Chief Executive Officer and approved by of the Governance and Audit Committee independence, professional capabilities
the Council. and are changed every five years. GAC and made recommendations to the
reviews the external audit process without Council for the re-appointment. The
Internal Controls hindering independence and ensures that audited Financial Statements are
The effectiveness of the Institute’s system the internal audit is carried out in line with discussed with External Auditors and
of internal controls is evaluated through the Institute’s requirements. GAC provided assurance to the Council
reports provided by the Internal Auditor that they were in conformity with the Sri
and the External Auditor. The internal Code of Best Practice and Ethics Lanka Accounting Standards and other
audit is outsourced under the review of The following key controls and procedures regulatory requirements.
CA Internal Auditor to Messrs. Tudor V. are in place to ensure adherence to Code
Perera & Company, a firm of Chartered of Best Practice and Ethics: Assurance
Accountants, who submit their findings to The Governance and Audit Committee is
the GAC quarterly. Important observations Periodic Reporting Requirements - In satisfied that the accounting policies and
are reported to the Council. order to strengthen the good governance, operational controls provide reasonable
periodic reports are prepared and assurance that the affairs of the Institute
Governance and Audit Committee submitted for review. are prudently managed and the Institute’s
GAC is an independent audit and assets are properly accounted for and
governance committee that has been h Monthly financial statements are adequately safeguarded.
established by the Council to facilitate presented to the Council through the
oversight responsibilities and the integrity Finance and Administration (F&A)
of the Financial Statements, compliance Committee.
with internal control and regulatory h Annual financial statements are Mr. Lakshman Athukorala
requirements, make recommendations prepared and presented to the
regarding appointment of Internal Council and published in the Chairman - Governance and Audit
and External Auditors, review the government gazette and also Committee
Internal Auditor’s and External Auditor’s furnished to the subject Minister.
performance and conduct an independent 25 March 2024
review of the internal audit function. h 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
monitored through its internal controls and
procurement process.

The GAC meetings were held for the year
2023 under the Chairmanship of Mr. R. N.
Asirwatham and attendance for the year
are as follows:

CA Sri Lanka Integrated Annual Report 2023 79