Preface to Sri Lanka Auditing Standards (Slaus) Statement of Policy

PREFACE TO SRI LANKA AUDITING STANDARDS (SLAuS) STATEMENT OF POLICY 1. The Institute of Chartered Accountants of Sri Lanka (ICASL) as a member of the outside(a) Federation of Accountants (IFAC) is committed to the Federations roomy mission of the development and enhancement of an accountancy profession able to generate services of consistently high quality in the man interest. In change stateing toward this mission, IFAC has established the International Auditing Practices Committee (IAPC) to develop and be intimate standards and statements on auditing and related services. IAPC believes that the issue of such standards and statements will help to purify the degree of uniformity of auditing practices and related services throughout the world. 2. As a condition of its membership, the ICASL is obliged to support the work of IFAC by informing its members of every pronouncement developed by IFAC, to work towards implementation, when and to the extent possible under local circumstances, of those pronouncements and specifically to incorporate IFACs International Standards on Auditing (ISAs) in the Sri Lanka Auditing Standards (SLAuSs). The ICASL has therefore determined to adopt the ISAs as the basis for the Sri Lanka Auditing Standards (SLAuSs). 3.

ICASL members are expected to comply with the SLAuSs. Failure to do so may result in an inquiry into the members mastermind by the ICASL. 4. It is impractical to establish standards on auditing which universally sacrifice to all situations and circumstances an auditor may encounter. Therefore auditors should share the SLAuSs as the basic principles which they should follow in performing their work. The precise procedures essential to apply these standards are left to the professional judgment of the person auditor and will depend on the circumstances of apiece case. LEGAL PROVISIONS 5. The Sri Lanka Accounting and Auditing Standards Act, No.15 of 1995 requires specified business enterprises to take... If you want to fill a full essay, order it on our website: Ordercustompaper.com

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