CA SRI LANKA
We support SMEs through the Empower Board, encouraging businesses to seek alternative financing options beyond traditional banking norms by listing on the CSE
President
Q:How would you describe your institute’s journey over the years? And what were the most significant milestones during this time?
A: Established by an act of parliament in 1959, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) plays a pivotal role in shaping the country’s financial landscape. From our regulatory role as the sole authority promulgating accounting and auditing standards in Sri Lanka to offering a range of qualifications, including our benchmark chartered accounting certification, we have been pivotal in building a skilled nation.
Some of the significant milestones have been the introduction of new courses of study such as the Chartered Tax Advisor course, the BSc in Applied Accounting, the certificate course in Forensic Accounting, the Master of Public Financial Management degree, a degree course in Business Analytics and an MBA.
At the height of the economic crisis, CA Sri Lanka submitted a comprehensive set of proposals to the Ministry of Finance encompassing short, medium and long-term solutions. These included strategies to improve the balance of payments and increase foreign reserves, proposals to enhance the government’s fiscal situation by boosting revenue and reducing expenditure, and recommendations on various other reforms.
Q: In your opinion, what is the role of professional bodies such as yours in reviving Sri Lanka’s economic and social landscape?
A: Professional bodies such as CA Sri Lanka can play a vital role by instilling strong professional ethics in our members, reducing corruption and promoting ethical business practices – essential elements for attracting investment and fostering a stable economic environment.
Furthermore, we have a critical role in supporting SMEs – the backbone of our economy – through targeted training programmes, advisory services and access to financial resources.
We must also engage in economic policy discussions and advocacy, using research and insights to inform policy makers on critical issues, such as tax reforms and regulatory frameworks.
International collaboration is also essential for economic development. We must foster partnerships with global accounting bodies, educational institutions and multinational corporations. These collaborations open up opportunities for not only exchanging knowledge and sharing best practices but also for attracting investment, which is crucial for our country’s economic revival.
Our goal is to foster adaptable professionals who navigate complexities and make significant contributions in the evolving business landscape
Q:What is your outlook for Sri Lanka in the next five years?
A: Over the next five years, Sri Lanka is poised for growth with important strategic initiatives in place.
Economically, we must increase our focus on stabilising the economy, enhancing investor confidence and fostering sustainable development. In the social domain, we must strive for improved healthcare, education and welfare programmes.
And politically, it is important that we strengthen governance and accountability, which are of utmost importance for achieving inclusive growth, stability and prosperity as a nation.
Q: How does your institute view the talent in the country in the wake of the brain drain?
A: The economic crisis, compounded by the global shift towards remote working, has had a profound impact, exacerbating the issue of brain drain.
As CA Sri Lanka continues to create world-class talent, we believe that our members are uniquely poised to explore new opportunities including accounting as a service export. This will not only support the growing demand for knowledge process outsourcing and business process outsourcing but can also have a positive impact on our country’s coffers.
Q: Can you share your institute’s philosophy regarding environmental, social and corporate governance (ESG)?
A: In our commitment to excellence, CA Sri Lanka remains steadfast in pursuing sustainable practices.
We have embraced the sustainability standards (S1 and S2) issued by the International Sustainability Standards Board, demonstrating our dedication to global sustainability trends. CA Sri Lanka has already begun rolling out programmes to educate stakeholders on the S1 and S2 standards, ensuring comprehensive understanding and adherence.
Our prestigious TAGS Awards, formerly known as the Annual Report Awards, with its 59 year history, champions the importance of ESG in corporate reporting.
Q:What are your institute’s plans for the future?
A: In our ongoing efforts to empower future professionals, we will introduce the new CA Sri Lanka Curriculum by 2025. Our goal is to foster adaptable professionals who navigate complexities and make significant contributions in the evolving business landscape of the 21st century.
Known for our unique skills and unwavering dedication, chartered accountants of CA Sri Lanka support businesses of all sizes. Our financial expertise has guided businesses through economic complexities, crafting strategic risk mitigation plans.
We will continue to strengthen our professional capabilities so that we can continue to be important partners of business, contributing not only to the profession and corporates but also to the nation.
– Compiled by Indrajit Lankeshwara
Telephone: 2352000 | Email: info@casrilanka.org | Website: www.casrilanka.com
