Fresh boost for accounting profession as CA Sri Lanka grants 250 associate memberships

Monday, 7 October 2013 00:00 -     - {{hitsCtrl.values.hits}}

By G. Sajeewani The accounting profession in Sri Lanka received a renewed boost today with 250 new chartered accountants being granted associate membership by the country’s national accounting body, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), at the annual convocation held at the Water’s Edge last week. The convocation was held under the patronage of the Minister of Cooperatives and Internal Trade Johnston Fernando and Associated Motorways Ltd. Group Managing Director Samantha Rajapaksa as the guest of honour. During the convocation, another 73 associate members were conferred the distinguished fellowship status elevating them to the highest stratum in their professional careers. Joining a fraternity of 4300 existing CA Sri Lanka members, the new associate members were officially granted associate membership during the convocation which also signified the completion of their professional qualification in chartered accounting. Extending his congratulations to the new associate and fellow members, CA Sri Lanka President Sujeewa Rajapakse addressing the convocation highlighted the need to continuously demonstrate professional skills whilst strictly maintaining the integrity and ethics of the profession. “Maintaining your professional integrity is a must and so is sticking to ethics, and as you are exposed to more and more opportunities both good and bad, you need to understand the implications and think before you act, because not only is your reputation at stake, but so is your profession and your institute,” he noted. Furthermore, he pointed out in today’s context, accountants sit close to the nerve centre of any organisation. This close proximity to the decision making process provides numerous opportunities for their career enhancement and growth. “But the business world is becoming more challenging; organisations are becoming more complex, demanding more from professionals when compared to few years back. Keeping up with the continuing changes at a global and local level is challenging, yet to succeed one has to be well informed and up to date constantly. Therefore it is important to continue your learning process and for this the institute organises various Continuing Professional Development (CPD) events for your professional advancement,” Rajapakse said. Rajapakse also invited the new members to play a more active role in institute activities by supporting the various initiatives aimed at improving the institute’s standing in Sri Lanka and abroad. In a message released for the convocation, Minister Johnston Fernando said, since its inception in 1959, CA Sri Lanka has continued to hold a focal place in maintaining a comprehensive financial structure in the country, while working to ensure the knowledge base in this specialised sector continues to be elevated to internationally accepted standards. “Today, this important profession is further strengthened with the graduation of yet another batch of members for whom this is the beginning of a journey which will give them an abundance of opportunities to thrive and achieve success,” the Minister said. The Minister also commended CA Sri Lanka for propagating the importance of the chartered accounting qualification to the rural areas in Sri Lanka; thereby giving access to everyone who wished to embark on one of the world’s most sought after professions. CA Sri Lanka Chief Executive Officer Aruna Alwis noted that over the years, CA Sri Lanka has made vast strides by introducing an impressive variety of professional and academic level programs including of international repute for the benefit of the country’s diverse professional community. “Offering our stakeholders the best of services and qualifications remains at the top of the institute’s agenda and so we will continue in this endeavour to provide our stakeholders with the best,” he added. CA Sri Lanka Member and Student Services Committee Chairman Channa Manoharan said chartered accountants bear a great responsibility towards the profession and nation. “Therefore I call on our new members to bear this in mind when exercising their professional duties,” he stated. “I am certain our new members will play a tremendous role in helping propagate the importance of the accounting profession across Sri Lanka and the world, and I am positive that the newly conferred fellow members will continue to play an influential role to safeguard CA Sri Lanka’s impeccable standing in the finance world,” he added. Special prizes were also awarded to a total of 12 prize winners who fared exceptionally well at the strategic level examinations and at the top CA case study examinations. Cooperatives and Internal Trade Ministry Secretary G.K.G. Amarawardane and CA Sri Lanka Vice President Arjuna Herath were also present to the annual convocation. CA Sri Lanka is one of the largest professional organisations in Sri Lanka that support over 4,300 chartered accountants. The institute provides insight and leadership to the accountancy and finance profession in Sri Lanka as well as globally. It provides qualified members are trained to provide financial knowledge and guidance based on the highest professional, technical and ethical standards, thereby assisting communities and organisations gain long term sustainable economic growth. CA Sri Lanka is proudly standing as the largest accounting body with growing student strength of over 41000 and it is one of the largest tertiary education providers outside the university system.