The Report on the Observance ofStandards and Codes, Accounting and Auditing (ROSC AA) inSri Lanka aims to assess the progress made on implementationof the policy recommendations of the first ROSC AA in 2004and supports the Government of Sri Lanka in preparing acountry action plan. This will further enhance the qualityof corporate financial reporting, and thereby contributetoward the country’s goal of improving the investmentclimate, attracting foreign direct investment (FDI), andfostering business development. The ROSC review, requestedby the Minister of Finance and Planning, entailed anevaluation exercise that assesses the strengths andweaknesses of existing institutional frameworks thatunderpin financial accounting and auditing practices;determines the comparability of national accounting andauditing standards; and evaluates the effectiveness ofenforcement mechanisms for ensuring compliance with existingnational standards, rules, and regulations. The review wasconducted from December 2013 to September 2014 using theWorld Bank’s multi-layered review methodology. All findingsreflect this time period of the review; some stated futureevents may have been achieved by publication date. The dataand information used for the review was gathered from adiagnostic questionnaire completed by stakeholders; byreviewing accountancy profession-related documents; andthrough interviews with many stakeholders from government,regulatory and accountancy bodies, accounting and auditingfirms, banks, insurance companies, state-owned enterprises(SOEs), small and medium-size enterprises (SMEs), andacademia. The review focused on assessing the institutionalframework underpinning accounting and auditing practices inthe private sector and in SOEs of the country in comparisonwith international standards and good practice.
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