Section No : Legislative Enactments SRI LANKA ACCOUNTING AND AUDITING STANDARDSMarginal Notes1. This Act may be cite! as the Sri Lanka Accounting Short title and Auditing Standards Act, No. 15 of 1995.2. Adoption of Sri Lanka Accounting Standards,3. Adoption of Sri Lanka Auditing Standards4. Power to vary and amend standards.5. Application of Standards.6. Duly to comply with Standards Adopted.7. Auditing of accounts of specified business enterprises to be done by qualified Auditors.8. Accounting Standards Committee9. Auditing of Standards Committee10. period of service, resignation & c. of11. Establishment of Accounting and Auditing Standards Monitoring Board.12. Constitution of the Board.13. Term of office of appointed members.14. Removal of appointed members.15. Registration of appointed members.16. Eligibility for reappointment.17. Filling of vacancies.18. Meetings of the Board.19. Remuneration of members.20. Chairman of the Board.21. Seal of the Board.22. Staff of the Board.23. Function of the Board.24. Powers of the Board.25. Copy of annual accounts furnished to the Board.26. Board of carry out Investigation27. Offences.28. Compounding of offences.29. Board to inform professional institute of any violation.30. Board to inform regulatory authority and Inland Revenue Department.31. Accounting and Auditing Standards cess33. Financial year and audit of accounts.34. Annual Report.35. Protection for action taken under this Act or an the direction of the Board.36. Members, officers and servants of the Board deemed to be public servants.37. Board to be a scheduled institution.38. Regulations39. Sinhala text to prevail in case of inconsistency40. Interpretations.