Commerce and Management
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Item The relationship between Corporate Governance Levels of the Board and Company’s Voluntary Disclosure Level(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) de Silva, M.P.M.U.; Sujeewa, G.M.M.The Purpose of this study is to examine the association between corporate governance levels of the board and voluntary disclosure level of Sri Lankan companies. Quantitative approach was used in positivist paradigm as the research approach. Sample of 106 quoted companies (Representing Beverage Food & Tobacco, Diversified, Hotels Travels, & Manufacturing sectors) for the analysis is based on the list of quoted companies in Colombo Stock Exchange (CSE) in Sri Lankan and the sample data has been collected from published annual reports related to 2015/16 accounting period of 106 companies selected. There is a significant relationship between the board governance level and voluntary disclosures in Sri Lankan companies. Thus, higher board governance tends to disclose more disclosures regarding corporate and strategic, financial and capital market, forward looking and corporate social responsibility disclosures. The use of a board governance index to arrive at a general board governance score can possibly cover major underlying relationships of individual board governance attributes. The use of disclosure index which is based on most recent literature with amendments may also omit certain new information items that are disclosed in annual reports. In addition, the distinctive classes of disclosures are solely adapted from foreign studies with amendments. The findings of the research will help policy makers and practitioners in formulating corporate governance policies. However, this research is limited because it focuses on only companies listed on the CSE. The results may therefore not be representative of all companies operating in Sri Lanka. This study produces confirmation of the changing scene of management voluntary disclosure practices embedded in the corporate governance framework in a developing nation with a rising capital market.Item Impact of Financial Sector Development on Economic Growth in Sri Lanka(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Cooray, B.R.S.; Sujeewa, G.M.M.Financial sector plays an important role in economic development. Most of the researchers have proved it logically relating to their economies therefore by conducting this study, it would identify whether there is a relationship exists between financial sector development and economic growth in Sri Lanka and this research would be more useful to policy makers to implement the financial and economic policy in the country since the financial sector performs a major role in any economy as a resource allocator. Hence, financial sector contribution is very important for the whole economy. Under the classification of the research design, this research belongs to the conclusive design as this research is to test specific hypotheses and examine relationships. Under the conclusive design this is a causal research since it analyzes the cause and effect relationship. This analysis used data spanning from 1990 to 2015 to test the causality and impact of financial sector development on the determination of economic growth.” Economic Growth” which is the dependent variable in this study was measured through GDP per Capita. Variable dependents are “Liquid Liabilities, Credit to private sector”, “Credit provided by banks”. For this study, it was used secondary data sources such as central bank reports and international financial statistics to collect the required data which were easily accessible and available. All the estimations were carried out following the routine performed in E-Views software. Through that Unit root test and Least Square method were performed. The findings of this research confirm the existence of weak positive relationship between financial sector development and economic growth. It reveals the existence of the relationship between the dependent variable per capita GDP and the three independent variables; credit provided to private sector, credit provided by banks and broad money supply (M2) which implies the financial development of Sri Lanka, and the economic growth shall indicates by the per capita GDP.Item Aptitude of internal control systems to prevent and detect financial statement frauds in Sri Lanka(Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Bandara, R.M.S.; Sujeewa, G.M.M.; Rathnasiri, U.A.H.A.The emerging discipline of Forensic Accounting is a relatively new profession in Sri Lanka even though it was developed with many ideas and techniques centuries ago. The profession has been molded and shaped by many aspects of the shifting the world including the economy, society, and legislation and it has become one of key arenas for government, practitioners, investors, general public and regulatory bodies. Corporate failures all over the world time to time has enlighten the necessity of forensic accounting profession giving more attention to financial statement frauds. The small and medium organizations tend to suffer excessively large losses due to financial statement frauds and it will increase the importance of forensic accounting practices in Sri Lanka because more organizations are in small and medium scale in nature. Process affected by organization’s structure, work and authority flows, people and management information systems designed to help the organization accomplice specific goals or objectives as the internal control systems of an entity playing a vital role in detecting and preventing financial statement frauds. The current exploratory study examines the capability of internal control systems in preventing and detecting the financial statement frauds. Structured interviews, questionnaires and empirical research findings on the practice of forensic accounting were used to analyze capability of internal control systems for preventing and detecting the financial statement frauds in Sri Lankan companies. Purposive sampling method was used to select the sample and 25 senior managers and 10 auditors were participated as respondents for the research representing 24 private and companies. The study identified control environment and monitoring as the independent variables and number of frauds and its value as the dependent variables. The study identifies that the management integrity and the soundness of internal control systems can help to reduce the probability of occurring financial statement frauds. Further it is revealed that 68% of business entities’ internal control systems have not been facilitated for detection of frauds. Moreover the study recommends that effective and efficient internal control policies and procedures put in place should be monitored to prevent and detect financial statement frauds in Sri Lankan companies.