Audit and accounting in Sri Lanka is a vital industry, as it plays a key role in helping businesses of all sizes to meet their financial, legal, and regulatory obligations. Auditors in Sri Lanka are required to provide independent assurance that financial statements are accurate, reliable and comply with relevant laws and regulations. An audit also includes examining and evaluating the effectiveness of internal control systems and assessing the risk of fraud and other irregularities. In addition to financial audits, some firms also provide non-financial audits, such as operational, compliance and IT audits.
Accounting in Sri Lanka is the practice of preparing, analyzing, and reporting financial statements in accordance with the requirements of the Companies Act of Sri Lanka and International Financial Reporting Standards (IFRS). It involves the recording of financial transactions, the preparation of financial statements and reports, the analysis and interpretation of financial data, and the communication of financial information to stakeholders.
In summary, audit and accounting in Sri Lanka is an essential part of any business, providing assurance that financial statements are accurate and reliable, while accounting ensures that businesses are compliant with relevant laws and regulations.
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