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srilawsby aturio
As enacted
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Part V · Financial Statements and Audit of Licensed Microfinance Companies

14. Financial year and audit of accounts of a licensed microfinance company

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Every licensed microfinance company shall at the expiration of each financial year prepare in accordance with the Sri Lanka Accounting Standards, financial statements including-

(a)

a statement of financial position as at the end of the financial year; and

(b)

a statement of comprehensive income in respect of such financial year.

(2)

The financial statements prepared by a licensed microfinance company shall be audited by a qualified auditor.

(3)

The financial year of a licensed microfinance company shall commence from first of January, every year.

(4)

Every licensed microfinance company shall transmit to the Director within three months after the closure of each financial year-

(a)

audited financial statements including –

(i)

the statement of financial position of the company as at the end of the financial year;

(ii)

the statement of comprehensive income of the company for that financial year;

(b)

the auditor’s report in respect of the financial statements;

(c)

the report by the directors relating to the state of affairs of the company; and

(d)

a certified copy of the auditor’s confidential letter, if any, to the board of directors of the company.

(5)

Every licensed microfinance company shall exhibit documents specified in paragraph (a) of subsection (4) in a conspicuous place of each of its places of business until those documents for the succeeding financial year are prepared and exhibited.

(6)

The Board may specify the forms of the financial statements referred to in this Part and any disclosure requirements to be made and where such forms are specified, financial statements of every licensed microfinance company shall be prepared in such form.

(7)

Unless otherwise determined by the Board, the financial statements of a licensed microfinance company shall be signed, on behalf of such company by the chief executive officer and two members of the board of directors.

Part VI

Examination and Supervison of Licensed Microfinance Companies

Read on from Part VI

Part VII

Cancellation of the Licence and Winding Up of Licensed Microfinance Company

Read on from Part VII

Part VIII

Microfinance Non-Governmental Organizations

Read on from Part VIII

Part IX

Principles, Standards and Guidelines Laid Down by the Board

Read on from Part IX

Part X

Immunity from Prosecution

Read on from Part X

Part XI

General

Read on from Part XI

Schedules