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However, if the auditor considers that the auditee is not a going concern, or will not be a going concern in the near future, then the auditor is required to include an explanatory paragraph before the opinion paragraph or following the opinion paragraph, in the audit report explaining the situation, [8] [9] which is commonly referred to as the ...
A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).
SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
The Accounting in Sri Lanka is regulated under the several legal regulations. There are several professional accountancy body in the country. The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) is the audit oversight entity, while the Auditor General of Sri Lanka has audit oversight over government all entities. [1]
The form is also often used by organisations with some kind of national coordinating function. Examples in the UK include the domain name registry Nominet UK, England and Wales Cricket Board and IXPs LINX (London Internet Exchange) and LONAP (London Access Point). Examples elsewhere include Cricket Australia and the World Wide Fund for Nature ...
Sri Lanka closed schools on Monday as heavy rain triggered floods and mudslides in many parts of the island nation, leaving at least 10 people dead and six others missing, officials said. The ...
The Report of the Secretary-General's Panel of Experts on Accountability in Sri Lanka was a 2011 report produced by a panel of experts appointed by United Nations Secretary-General (UNSG) Ban Ki-moon to advise him on the issue of accountability with regard to any alleged violations of international human rights and humanitarian law during the final stages of the Sri Lankan Civil War. [1]
The National Audit Office (Sinhala: ජාතික විගණන කාර්යාලය jātika vigaṇana kāryālaya) is a non-ministerial government department in Sri Lanka. Established in 1799, it is one of the oldest government departments in the country, and is responsible for auditing public organisations.