SAFA and EFAA launch Digital Competency Maturity Model for Small and Medium Sized Practices in SL

The South Asian Federation of Accountants (SAFA) has collaborated with the European Federation of Accountants and Auditors (EFAA) to launch the Digital Competency Maturity Model (DCMM) for the benefit of Small and Medium Sized Practices (SMPs) in the South Asian region in Colombo on Monday, 9 December, from 2 p.m. to 4:30 p.m. at the CA Sri Lanka Members Lounge (Level 6), 30A, Malalasekara Mawatha, Colombo 7.

The International Relations Committee of SAFA in association with the Institute of Chartered Accountants (CA Sri Lanka) and The Institute of Certified Management Accountants (CMA Sri Lanka) are hosting the Launch of Digital Competency Maturity Model (DCMM) for Small and Medium Sized Practices (SMPs) for the South Asian Region in Colombo, Sri Lanka. 

The launch will be undertaken in the presence of SAFA International Relations Committee Chairman and CMA Sri Lanka President Prof. Lakshman R. Watawala, CA Sri Lanka President Jagath Perera, EFAA Director Paul Thompson and R. Chandrasekhar representing ICA India, initiator of DCMM.    

The European Federation of Accountants and Auditors for small and medium-sized enterprises (EFAA) is an umbrella organisation for national accountants and auditors’ organisations whose individual members provide professional services primarily to SMEs within the European Union and Europe as a whole. It was founded in 1994.

EFAA has 13 members throughout Europe representing over 370,000 accountants, auditors and tax advisors.

The South Asian Federation of Accountants (SAFA) was formed in the year 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA is an apex body of the South Asian Association for Regional Co-operation (SAARC) and an Acknowledged Accounting Grouping of International Federation of Accountants (IFAC). 

SAFA represents over 300,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Maldives, Nepal, Pakistan and Sri Lanka. 

Digitalisation has profound implications for small- and medium-sized accountancy practices (SMPs). 

These implications will demand change. New digital technologies will continue to emerge. SMPs must anticipate these changes and be prepared to respond. SMPs, however, are typically resource constrained and in need of guidance and direction on how best to respond to these implications. This is where the Digital Competency Maturity Model (DCMM) comes in.

The Digital Competency Maturity Model (DCMM) comprises a questionnaire that enables SMPs to rate their current level of maturity on digital competency, identify areas where competencies are strong or lacking, and then develop a road map for achieving a higher level of maturity.

The keynote address will be delivered by Paul Thompson, Director, European Federation of Accountants and Auditors for SMEs and the Guest of Honour address will be delivered by Mr. R Chandrasekhar. He is a fellow member of the Institute of Chartered Accountants of India (ICAI).

After the presentations there will be a panel discussion where participants will also have an opportunity to discuss practical applications and obtain any clarifications.

This launch is meant for SMPs, CA Sri Lanka members, CMA members working for SMEs and SAFA member organisation representatives. 

Those interested to register for the launch please contact Shanthi at CMA Sri Lanka on +94-11-250-6391 Ext. 120 or email: [email protected] or Trihan at CA Sri Lanka on +94-11-235-2008 or email: [email protected] on or before Thursday, 5 December.