Association of Accounting Technicians of Sri Lanka

Only members of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) are authorized to conduct statutory audits in Sri Lanka. Members of the Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) do not have the authority to perform audits; however, some members are employed by audit firms and are involved in audit and assurance engagements under the supervision of Chartered Accountants.

Given the nature of its mandate, AAT Sri Lanka does not have direct responsibility for establishing or operating a quality assurance (QA) review system. Responsibility for QA reviews of audit engagements rests with CA Sri Lanka and the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB).

Within this context, AAT Sri Lanka supports the implementation of quality management standards through its educational and professional development activities. The association incorporates relevant auditing and quality management concepts into its qualification program and provides training and seminars to its members to enhance their understanding of applicable standards and practices.

AAT Sri Lanka continues to collaborate with CA Sri Lanka and other stakeholders to promote awareness of audit quality and to support members working within audit environments. Through these ongoing activities, the association maintains appropriate processes, within the scope of its mandate, to support the objectives of SMO 1.

Current Status: Sustain

The Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) is responsible for establishing initial professional development (IPD) and continuing professional development (CPD) requirements for its students and members. The association administers a structured qualification program for Accounting Technicians that includes formal education, practical training, and assessments.

AAT Sri Lanka has established processes to review and update its education program to align with international best practices. The association maintains a framework for accrediting and monitoring Approved Education Centres (AECs), including periodic inspections, student feedback mechanisms, and performance evaluations to ensure the quality of education delivery.

To support continuing professional development, AAT Sri Lanka has implemented mandatory CPD requirements and established monitoring mechanisms to track compliance. The association also provides ongoing learning opportunities, including seminars and training programs, to support the development of professional competence.

Through these established processes, AAT Sri Lanka promotes alignment with the International Education Standards within the scope of its mandate and maintains ongoing activities to support the development of professional accountants.

Current Status: Sustain

Under the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is responsible for establishing auditing standards in Sri Lanka.

Members of the Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) are not authorized to conduct statutory audits; however, many members are employed by audit firms and are involved in audit and assurance engagements under the supervision of Chartered Accountants.

Within the scope of its mandate, AAT Sri Lanka has established ongoing processes to support the implementation of auditing standards. This includes incorporating relevant auditing concepts into its qualification program and delivering continuing professional development (CPD) activities for its members. These activities include seminars, workshops, and technical updates designed to enhance members’ understanding and application of auditing standards and practices.

AAT Sri Lanka promotes awareness of developments in auditing standards through the dissemination of updates to its members and encourages engagement with pronouncements and exposure drafts issued by relevant standard-setting bodies.

Through these established and ongoing activities, AAT Sri Lanka demonstrates sustained commitment to supporting the implementation of auditing standards for members working in audit environments.

Current Status: Sustain

The Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) is responsible for establishing ethical requirements for its members and has adopted a Code of Ethics applicable to its membership. AAT Sri Lanka reports that its Code of Ethics is based on the 2021 version of the International Code of Ethics for Professional Accountants, which does not reflect the latest version of the Code in effect as of the time of the assessment.

AAT Sri Lanka incorporates ethical principles into its initial professional development (IPD) program and requires members to comply with ethical requirements as part of their professional obligations. The association supports continuing professional development (CPD) in ethics through seminars, training programs, and guidance materials designed to enhance members’ understanding and application of ethical standards.

AAT Sri Lanka promotes awareness of ethical requirements through publications, communication channels, and learning activities, and has established processes to support the implementation and understanding of ethical standards among its members.

While AAT Sri Lanka has established ethical requirements and implementation mechanisms, alignment with the latest version of the IESBA Code remains incomplete. Accordingly, AAT Sri Lanka is assessed as being at the Execute stage with respect to SMO 4.

AAT Sri Lanka is encouraged to continue its efforts to update its Code of Ethics to align with the latest version of the International Code of Ethics for Professional Accountants and to establish a process for the timely adoption and implementation of future revisions issued by the IESBA.

Current Status: Execute

The Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) does not have responsibility for the adoption or setting of public sector accounting standards in Sri Lanka. These responsibilities are undertaken by the Ministry of Finance, in collaboration with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).

Within the scope of its mandate, AAT Sri Lanka supports the implementation of public sector accounting standards through its education and professional development activities. The association incorporates public sector accounting concepts into its qualification program and provides learning opportunities for members employed in the public sector.

AAT Sri Lanka also facilitates access to training and awareness activities on public sector accounting standards, including seminars and workshops delivered in collaboration with relevant stakeholders.

Given the nature of its mandate, AAT Sri Lanka maintains appropriate processes to support the implementation of public sector accounting standards for its members.

Current Status: Sustain

The Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) is responsible for establishing and operating an investigative and disciplinary (I&D) system for its members.

AAT Sri Lanka has established formal procedures for the investigation of misconduct and the enforcement of disciplinary actions. The system includes defined processes for receiving and assessing complaints, conducting investigations, and imposing sanctions, as well as mechanisms for appeals.

The association has undertaken enhancements to strengthen its I&D framework, including measures to improve governance, transparency, and alignment with international best practices. These enhancements include the establishment of appropriate disciplinary and appeals processes and the incorporation of public interest considerations within the system.

AAT Sri Lanka also promotes awareness of its I&D processes among members and students and supports ongoing understanding of professional conduct requirements.

Through these established processes and ongoing activities, AAT Sri Lanka maintains an operational I&D system aligned with the objectives of SMO 6.

Current Status: Sustain

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is responsible for establishing accounting standards in Sri Lanka, including Sri Lanka Financial Reporting Standards (SLFRS), which are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board.

The Association of Accounting Technicians of Sri Lanka (AAT Sri Lanka) does not have responsibility for setting accounting standards. Within the scope of its mandate, the association supports the implementation of financial reporting standards through its education and professional development activities.

AAT Sri Lanka incorporates SLFRS and SLFRS for SMEs into its qualification program and provides continuing professional development (CPD) opportunities to enhance members’ understanding and application of financial reporting standards. The association also promotes awareness of developments in financial reporting through seminars, workshops, and dissemination of technical updates.

In addition, AAT Sri Lanka contributes to the national standard-setting process by providing input on exposure drafts issued by CA Sri Lanka.

Through these ongoing activities, AAT Sri Lanka maintains appropriate processes to support the implementation of financial reporting standards within the scope of its mandate.

Current Status: Sustain