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CIPFA, the Chartered Institute of Public Finance and Accountancy, and The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), are pleased to announce that they have signed a Memorandum of Understanding (MoU) to strengthen public financial management in Sri Lanka.
The MoU outlines a framework for future co-operation between the two institutes to improve the governance of public finance within the country and help improve the training and development in the accountancy profession. The collaboration will also open doors to membership for members of both institutes and professional development opportunities for members of CA Sri Lanka.
The collaboration reflects the overlapping interests of both bodies and their desire to share their skills, expertise and experience to further the cause of good public financial management. CIPFA International Chair - Ian Ball, and CIPFA Development Chair – Alan Edwards were present at the signing ceremony in Colombo.
At the signing of the MoU, CIPFA International Chair, Mr Ian Ball commented:
“It is welcome news that together CIPFA and CA Sri Lanka have signed this MoU that sets out the basis for a future co-operative relationship. The MoU has been created to reflect the interests of both parties, which are unified in their commitment to serve the public interest through enhanced public financial management.
“The joint work will enable these two leading institutes to learn from each other by sharing expertise and experience so that their members can better serve their countries. We look forward to a productive partnership which will genuinely enhance public financial management and improves outcomes for citizens of Sri Lanka.”
Speaking at the signing, Chief Executive of CA Sri Lanka, Mr Aruna Alwis said:
“CA Sri Lanka is committed to proactively play its role to bring about a transformation in the private and public sectors and the entire society at large. Therefore every effort is taken to ensure we reach this important objective.”
“We are conscious of the critical anchor role that the public sector plays in the economic development and progress of the country. We have embraced the accounting and finance professionals working in the public sector as part of CA Sri Lanka and we are very committed to add value and nurture them.”
“Our agreement with CIPFA is one such endeavour in our continuing efforts to offer our accounting professionals of the public sector the best qualification which is globally recognised.”
About CA Sri Lanka
RecogniSed as the torch bearers of the accounting and auditing profession in Sri Lanka, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is one of the country’s foremost and largest professional organiSations that provides leadership and insight to the accountancy and finance professions both nationally and internationally. Since 1959, CA Sri Lanka has produced over 5400 chartered accountants, a significant percentage of who command high profile positions both in the private and public sectors. CA Sri Lanka is also one of the country’s largest tertiary education providers with over 44,000 students currently aspiring to be chartered accountants. CA Sri Lanka’s well qualified members are trained to provide financial knowledge and guidance based on the highest professional, technical and ethical standards, to assist communities and organisations gain long term sustainable economic growth, which ultimately reflects on the sustenance of the country’s economy.
CA Sri Lanka Public Sector Wing – APFASL
The Association of Public Finance Accountants of Sri Lanka (APFASL) was established in January 2012 as the Public Sector Wing of CA Sri Lanka, with the primary objective of enhancing the professional skills and expertise of public sector accountants, auditors and assessors to improve financial management practices in the country. Since its establishment, APFASL has taken a series of initiatives to strengthen the professional skills of the public sector accountants, auditors and assessors, to improve the financial management practices in Sri Lanka. APFASL was also instrumental in developing the Public Sector Accounting Standards (SLPSAS) with the assistance of the Ministry of Finance of Sri Lanka to enhance financial reporting practices in the public sector.