This chapter reports on a study that examined the extent to which parliamentary financial oversight committees and the Auditor-General’s Office in Sri Lanka play vital roles in monitoring of the public sector and government’s performance. The study used a qualitative methodology involving face-to-face interviews and the analysis of archived records. Findings indicate that the institutional structure of the public accounts committees is in disarray and is inadequate in making the executive members of government accountable. We also found that there was a lack of planned sittings and limited time for committee deliberations, inadequate power to summon ministers as witnesses, denial of media access to committee sittings, insufficient incentives and training for members and secretariat staff, non-submission of annual committee reports to Parliament and effective follow-up action.