CMA Sri Lanka granted Government recognition, included in State sector schemes of recruitment

The Secretary to the Treasury has issued the Public Enterprises Circular No. PED02/2017 dated 21 August to all Secretaries of Ministries, Chairmen of Government Corporations, Statutory Boards, banks and Government owned companies to include in the Schemes of Recruitment (SOR) for all posts of financial executives in these institutions implementing the Cabinet of Ministers decision of 4 September 2014. 

As per this Cabinet Decision the CMA Sri Lanka qualification would be considered similar to the other local professional accounting body the Institute of Chartered Accountants of Sri Lanka and the foreign bodies CIMA (UK) and ACCA (UK) in recruitment of Finance and Accounting Professionals to these organisations. While some of these organisations have been doing recruitment of CMA qualified accountants no official circular had been issued by the Treasury which has now been done almost three years later. CMA is the National Professional Management Accounting body in Sri Lanka set up by an Act of Parliament No. 23 of 2009 similar to the Institute of Chartered Accountants of Sri Lanka where both institutes came under the Ministry of Industry and Commerce.

CMA Sri Lanka in addition to the local recognition has received international recognition with the Full Membership of the International Federation of Accountants (IFAC) the global body for the accounting profession, South Asian Federation of Accountants (SAFA) the South Asian Regional Body for the accounting profession and the President of CMA serves on the Board of Directors of SAFA and also received the Membership of the Confederation of Asian and Pacific Accountants (CAPA) the Asian and Pacific Accounting Body.

CMA Sri Lanka is the National Professional Accounting Body for the Management Accounting Profession and granted the sole responsibility to frame Management Accounting Standards in Sri Lanka. With the importance given to Total Cost Management Accounting, Budgeting and Budgetary Control, Pricing of Products and other matters relating to management accounting, costing and cost control, activity based costing, will shortly issue these standards in keeping with international and regional standards.

CMA Sri Lanka was set up with the technical assistance of CMA Canada now CPA Canada one of the leading professional accounting bodies in the world and this association has been continued since 1999 and CMA grants a Sri Lankan professional qualification with international recognition.

The Founder President Prof. Lakshman R. Watawala together with the other Chartered Accountants who founded CMA Sri Lanka 50 years after the Institute of Chartered Accountants was formed when the accounting professional consisted of mainly UK accountants. They took into account other global practices and the need for a Management Accounting Body in Sri Lanka similar to bodies in India, Pakistan, Bangladesh, UK, Canada and USA and to provide a quality Professional Management Accounting Qualification at an affordable cost to students and to obtain the official government recognition which was received in 2009 to serve the needs of the government and corporation sector and the private sector.  The Committee of Public Enterprises in 2013 in the COPE Report commented very adversely on the lack of cost control in government institutions and state owned businesses and noted the need for Management Accountant for all state institutions. Arising from this a Cabinet Paper was originated by the Ministry of Human Resources to enhance the facilities granted to CMA qualified accountants which was approved by the Cabinet of Ministers in 2014 but still pending implementation of certain important decisions. CMA are confident that the Treasury Secretary will give approval for these cabinet decision as well such as the inclusion of the CMA Sri Lanka qualification in the Public Service Commission schemes of recruitment similar to other professional accounting bodies, the Auditor General’s department, which Cabinet of Ministers Decisions are still pending since 2014. 

Those students, state institutions, private companies and working adults could contact the Senior Director CMA Sumudu on Tel. 0114641701 – 3, mobile 0773742343, or email: [email protected] for any further details.