INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA
Q: With origins dating back to over half a century, could you outline the history of the institute?
A: Founded in 1959 by an act of parliament, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has been adding value to the corporate arena by setting and upholding the highest standards in financial reporting, and grooming world-class finance professionals.
For the past 60 years, we have focussed on promoting theory and practice of accountancy, finance management, auditing and taxation; enrolling, educating and training students and members; and preserving the professional independence of accountants.
Q: What were the most significant mileposts in the institute’s journey?
A: We have produced more than 7,800 members over the last 60 years, out of which in excess of 30 percent work overseas in countries such as Australia, the UK and the US, and in the Middle East.
With our qualifications having worldwide recognition, members are able to hold top positions in listed companies and large businesses, as well as small and medium enterprises, both locally and overseas.
The institute is well-known for hosting the prestigious Annual Report Awards and National Conference of Chartered Accountants – both renowned events in the corporate sphere, which attract the attention of many public and private sector companies.
CA Sri Lanka also holds membership of the International Federation of Accountants (IFAC) and Confederation of Asian and Pacific Accountants (CAPA), while being a founder member of the South Asian Federation of Accountants (SAFA) and an associate member of Chartered Accountants Worldwide (CAW).
Some of our members have held senior positions in these prominent international organisations.
Q: And how is the accountancy profession evolving?
A: Due to the unforeseen speed of technological advancements, future finance professionals will have to be value partners for business organisations – co-pilots who support all verticals to create value for stakeholders.
With advanced software, AI and machine learning taking over routine accounting functions, accountants should change from being reporters to value creators. During the next two years, CA Sri Lanka will be organising a series of training sessions, seminars and workshops to help members add new skills to their toolkit to succeed in this new role as a ‘value partner’.
Q: What are CA Sri Lanka’s plans for this year – including its aspirations for the Scholars of Accounting and Business (SAB) Campus?
A: We introduced a new curriculum in 2020 to our accountancy qualification programme. We will be reviewing it further to ensure that the syllabi are geared to groom future accountants to take the reins as true business partners, adding real value to the companies that employ them.
In addition, we declared open the SAB Campus in December 2021 – it is the first fully fledged campus of CA Sri Lanka. It currently offers a BSc. (Applied Accounting) Degree programme, approved by the University Grants Commission (UGC) and the Ministry of Higher Education of Sri Lanka. We will be adding two undergraduate and one master’s programme to the current portfolio in the near future.
Our Annual Report Awards competition, which is assessed on the basis of the quality of financial reporting in companies, will be rebranded as the Transparency Accountability Governance Sustainability Awards (TAGS) to bring about a holistic approach to annual reporting.
This year, in addition to the National Conference of Chartered Accountants, CA Sri Lanka will be hosting three regional conferences – in Kandy, Galle and Jaffna – to engage effectively with regional members and enhance our services to them.
