Page 84 - CA Sri Lanka Integrated Annual Report 2023

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF THE INSTITUTE Other Information Auditor’s Responsibilities for the Audit
OF CHARTERED ACCOUNTANTS OF Management is responsible for other of the Financial Statements
SRI LANKA
information. The other information comprises My objectives are to obtain reasonable
Report on the Audit of the Financial the information included in the Annual assurance about whether the financial
Statements Report, but does not include the financial statements as a whole are free from material
Opinion statements and my auditor’s report thereon. misstatements, whether due to fraud or
I have audited the accompanying financial error, and to issue an auditor’s report that
statements of The Institute of Chartered My opinion on the financial statements does includes my opinion. Reasonable assurance
Accountants of Sri Lanka (the institute), not cover the other information and I do not is a high level of assurance, but is not
which comprise the Statement of financial express any form of assurance conclusion a guarantee that an audit conducted in
position as at December 31, 2023, and thereon. accordance with SLAuSs will always detect
the Statement of comprehensive income, a material misstatement when it exists.
Statement of changes in funds and reserves, In connection with my audit of the financial Misstatements can arise from fraud or error
and Statement of cash flows for the year statements, my responsibility is to read and are considered material if, individually
then ended, and notes to the financial the other information and, in doing so, or in the aggregate, they could reasonably
statements, including a summary of consider whether the other information is be expected to influence the economic
significant accounting policies. I have also materially inconsistent with the financial decisions of users taken on the basis of
audited the statements of Financial Position statements or my knowledge obtained in the these financial statements.
of F B Lander Prize Fund and Cyril E Begbie audit or otherwise appears to be materially
Memorial Price Fund as at 31st December misstated, If, based on the work we have As part of the audit in accordance with
2023 performed, I conclude that there is a material SLAuSs, I exercise professional judgement
misstatement of this other information, I am and maintain professional scepticism
In my opinion, so far as appears from my required to report that fact. I have nothing to throughout the audit. I also:
examination, the accompanying financial report in this regard.
statements give a true and fair view of the • Identify and assess the risks of
financial position of the Institute, F B Lander Responsibilities of Management and material misstatements of the financial
Prize Fund and Cyril E Begbie Memorial Prize those who charged with governance for statements, whether due to fraud
the Financial Statements
Fund as at December 31, 2023 and financial and error, design and perform audit
performance of the institute and its cash Management is responsible for the procedures responsive to those risks,
flows for the year then ended in accordance preparation of financial statements that give and obtain audit evidence that is
with Sri Lanka Accounting Standards. a true and fair view in accordance with Sri sufficient and appropriate to prove a
Lanka Accounting Standards and for such basis for my opinion. The risk of not
Basis for Opinion internal controls as management determines detecting a material misstatement
is necessary to enable the preparation of resulting from fraud is higher than for
I conducted the audit in accordance with one resulting from error, or fraud may
Sri Lanka Auditing Standards (SLAuSs). financial statements that are free from involve collusion, forgery, intentional
My responsibilities under those standards material misstatement, whether due to fraud omission, misrepresentations, or the
are further described in the Auditor’s or error.
override of internal controls.
Responsibilities for the Audit of the Financial In preparing the financial statements,
Statements section of my report. I am management is responsible for assessing • Obtaining an understanding of internal
independent of the Institute in accordance the Institute’s ability to continue as a going controls relevant to the audit in order
with the ethical requirements of the Code concern, disclosing, as applicable, matters to design audit procedures that are
of Ethics issued by CA Sri Lanka (Code of related to going concern and using the appropriate in the circumstances, but
Ethics) that are relevant to my audit of the going concern basis of accounting unless not for the purpose of expressing an
financial statements, and I have fulfilled my management either intends to cease opinion on the effectiveness of the
other ethical responsibilities in accordance operations, or has no realistic alternative but Institute’s internal controls.
with the Code of Ethics. I believe that the to do so. Those charged with governance
audit evidence I have obtained is sufficient are responsible for overseeing the Institute’s
and appropriate to provide a basis for my financial reporting process.
opinion.

82 CA Sri Lanka Integrated Annual Report 2023