Sri Lanka’s SEC calls auditors, other stakeholders for talks on concerns

Colombo Stock Exchange Board

ECONOMYNEXT – Sri Lanka’s capital markets regulator has summoned auditors and other stakeholders for talks where it will share its concerns and expectations, including discussing case studies connected with audited accounts of listed companies.

The Securities and Exchange Commission of Sri Lanka (SEC) said the talks on Thursday 31st October 2019 will be its first such initiative and comes after a revamping of the regu;ator aimed at improving its efficiency.

“The purpose of the forum is to emphasize SEC’s concerns about and expectations of feeders and providers such as auditors and other stakeholders to the regulatory functions of the SEC,” its chairman Ranel Wijesinha said in a statement.

“During the preceding twelve months, the Commission which was reconstituted in mid-2018 introduced a series of measures to enhance the productivity, proactivity and promptness of apex level securities related regulation and capital market development.

“Measures have been taken and are ongoing with regard to the functions of market monitoring and surveillance, supervision of brokers, other market intermediaries, margin providers, investment managers, underwriters, credit rating agencies, unit trust management companies and unit trust funds; monitoring and interventions connected with financial statement reviews and disclosures listed entities make.”

Wijesinha said the SEC had also progressively strengthened the processes, procedures and capacity of its investigations division and of other divisions such as legal and enforcement, litigation, surveillance and external relations, now re-titled as the Office of Investor Education and Advocacy.

The SEC will be sharing case studies connected with audited financial statements pertaining of listed firms.

Officials taking part will be from the Central Bank, Sri Lanka Accounting and Auditing Standards Monitoring Board, Insurance Regulatory Commission, Colombo Stock Exchange, Institute of Chartered Accountants of Sri Lanka, Sri Lanka Institute of Directors, Chartered Financial Analysts Society, auditors, World Bank, Asian Development Bank, the Attorney General’s Auditor General’s departments, Institute of Valuers, Royal Institute of Chartered Surveyors of Sri Lanka, investment bank, rating agencies, actuaries, and commercial and development banks.
(COLOMBO, 24 October 2019)

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