📈 SEC & SLAASMB Partner to Bolster Financial Governance

The Securities and Exchange Commission of Sri Lanka (SEC) and the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) have signed a Memorandum of Understanding (MOU) to enhance oversight of financial reporting and auditing standards within the capital market. • Strategic Scope: The formal framework covers entities licensed under the SEC Act, including stock exchanges, brokers, dealers, unit trusts, fund management companies, and listed companies. • Oversight Roles: • The SEC will scrutinize annual reports for regulatory compliance and disclosure requirements under Sri Lanka Accounting Standards (LKASs/SLFRSs). • The SLAASMB will focus on verifying compliance with both Accounting and Auditing Standards. • Key Collaborative Measures: • A structured information-sharing mechanism to exchange findings on material non-compliance, regulatory decisions, and investigative outcomes. • A formal referral system for complaints regarding financial reporting and auditing. • Joint public awareness initiatives to promote transparency and corporate governance. • Impact: This alliance aims to strengthen market integrity and investor confidence by ensuring more rigorous financial reporting and auditing oversight across Sri Lanka's financial services sector.