[1] It is illegal for any individual or firm that is not a Registered Auditor to perform an audit of a Sri Lankan limited company.
To become a Registered Auditor, an accountant must hold a practising certificate from a recognised body, demonstrate the necessary professional ability in that area, and submit to regular inspection.
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is the only recognised supervisory body under the Companies Act No.
Before engaging in practice (i.e. selling services to the public rather than acting as an employee), an accountant belonging to any of these bodies must gain a 'practising certificate' by meeting further requirements such as purchasing adequate insurance and undergoing inspections.
The Association of Accounting Technicians of Sri Lanka (AAT) (designatory letters MAAT, SAT or FMAAT, standing for "Member of the Association of Accounting Technicians", "Senior Technician Level" or "Fellow Member of the Association of Accounting Technicians", respectively) is the Sri Lankan body offering a qualification at a level between that of 'bookkeeper' and that of the Recognised Qualifying Bodies.