CA SRI LANKA

CA Sri Lanka’s APFASL recognises public sector financial excellence at BARA Awards 2024

The Association of Public Finance Accountants of Sri Lanka (APFASL), the Public Sector Wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), showcased the pinnacle of financial reporting excellence in the public sector with the announcement of the winners of the eighth annual Best Annual Report & Accounts (BARA) awards at the BMICH, Colombo, on 02^nd December 2024.

This year’s BARA competition, evaluating financial accounts from 2023, received an overwhelming response, with a record-breaking 264 entries. The awards play a pivotal role in enhancing the overall quality of public financial management in the country, underscoring the commitment of Sri Lanka’s public sector institutions to maintain transparency and accountability in public finances through exemplary financial reporting.

The awards ceremony was graced by Mr. Duminda Hulangamuwa, Senior Advisor on Economic Affairs to the President of Sri Lanka, and the Chairman of the Ceylon Chamber of Commerce, who was the chief guest. The other notable dignitaries in attendance included Mr. Heshana Kuruppu, President of CA Sri Lanka; Mr. Tishan Subasinghe, Vice President of CA Sri Lanka; and Ms. Lakmali Priyangika, CEO of CA Sri Lanka.

The coveted titles of overall winners were awarded to seven outstanding institutions from both central government and provincial categories. The University of Moratuwa won the gold award in the Central Government category, showcasing exceptional financial reporting practices. Meanwhile, the Northern Provincial Council emerged triumphant in the Local Government category, securing the top position.

A total of 15 gold awards, 20 silver awards, and 16 bronze awards were won among the competing public sector organisations. Additionally, 207 entities received “compliance” recognition, while 12 entities were acknowledged for their active “participation” in the competition.

The competition featured twelve categories covering both central government and local government institutions. Evaluation criteria included adherence to Ministry of Finance circulars related to financial account preparation and presentation, as well as compliance with Sri Lanka Public Sector Accounting standards.

Addressing the gathering, Mr. Hulangamuwa said, “The public sector is a crucial driver of national development. The government is fully committed to ensuring the highest standards of public financial management. Financial transparency is the cornerstone of good governance. The meticulous preparation and presentation of annual reports and accounts, as evaluated in this competition, plays a vital role in ensuring transparency and accountability in the utilisation of public funds.”

Mr. Kuruppu, in his address said, “The BARA competition underscores CA Sri Lanka’s collective commitment to financial transparency and accountability, which are vital for good governance and national development. At CA Sri Lanka, we are proud to support initiatives that elevate public sector financial reporting standards, fostering trust and professionalism.”