The Colombo Stock Exchange Listing Rules now requires a minimum number of independent non executive directors to be members of the audit committees of listed companies. The new Companies act No. 7 of 2007 also increases accountability and responsibility of directors.

The Sri Lanka Institute of Directors (SLID) and KPMG having identified that there is an evolving role and commitment of audit committee members and board members to implement effective audit committee processes have organized a breakfast meeting on "Exploring Expectations of Audit Committee Effectiveness" from 7.30 a.m. to 9.30 a.m. on November 19, at the Ballroom of the Hilton Colombo residencies (formerly JAIC Hilton).

The keynote speaker will be Sammy Medora, a founding partner of KPMG, India and chairman of KPMG’s Audit Committee Institute. The panelists will be Nihal Fonseka, (Chairman, Colombo Stock Exchange), Ronnie Peiris, (Group Finance Director, John Keells Holdings PLC), Channa de Silva, (Director General, Securities & Exchange Commission), and Reyaz Mihular, (Partner, KPMG).