The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Institute of Chartered Accountants of Sri Lanka (ICASL) have agreed to work together to transform the support available to Sri Lankan public finance professionals.
A memorandum of understanding was signed at the International Federation of Accountants Annual Council Meeting in Berlin. The memorandum agrees a partnership to develop joint qualification and membership arrangements.
The partnership aims to serve the needs of Public Financial Management (PFM) professionals and others working in the Sri Lankan public sector, and to collaborate to strengthen the relationship between the two bodies.
This agreement supports the recent launch of CIPFA’s international prospectus, Fixing the Foundations, which aims to bring international public sector bodies together to restore confidence in countries’ management of public finances and to improve standards.
CIPFA President Chris Bilsland commented: “This memorandum of understanding is a brilliant example of the international desire for effective public financial management and recognition of the benefits that it can bring. CIPFA is delighted to be helping Sri Lankan professionals with their capacity building efforts and we feel that this developing relationship will be mutually beneficial.”
ICASL President Sujeewa Mudalige, said: “We welcome this agreement for the benefits that it will bring our members and we look forward to developing stronger ties with CIPFA in the future.
“CIPFA’s expertise and international track record in this area will put Sri Lanka at the forefront of public financial management best practice.”
CIPFA has developed a range of qualifications in PFM, which includes its International Certificate and Diploma in PFM in addition to its UK Professional Qualification. CIPFA wishes to extend its existing portfolio of international qualifications to provide a full international professional qualification that will bring with it entitlement to membership of CIPFA and use of the designatory letters ICPFA.
ICASL wishes to have a mechanism to qualify both existing and prospective members to work in the Sri Lankan public sector.
In the design of these schemes CIPFA will work with ICASL to develop and implement professional stages of the CIPFA qualification framework (QF) to create a full professional qualification in public financial management in Sri Lanka in accordance with IFAC rules and guidance.
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance.