ICASL, ICAEW sign landmark agreement to enhance the accountancy profession

The Institute of Chartered Accountants of Sri Lanka (ICASL) and the Institute of Chartered Accountants in England and Wales (ICAEW) signed a Memorandum of Understanding (MoU), on Monday, which will establish closer working relations between the two bodies.

The MoU was signed by ICASL’s President, Sujeewa Mudalige and ICAEW’s Executive Director, Learning and Professional Development Mark Protherough and enables qualified members of either Institute to join the other and to obtain non-auditing practising rights.

ICAEW’s Head of New Business Opportunities, Justin West was the chief guest at the event, held at ICASL’s premises in Colombo, which was followed by cocktails and dinner. A large gathering of ICASL and ICAEW members were present to witness the signing ceremony.

President of the ICASL, Sujeewa Mudalige commented on the landmark event:

 “This is a historic and a momentous occasion for the members of the ICAEW and ICASL. ICAEW assisted the Sri Lankan institute in the formative years and most of the founder members of ICASL were in fact members of ICAEW.  Over the years, ICASL has developed a close working relationship with ICAEW and we look forward to a mutually beneficial relationship. The two Institutes have been following highest standards of professional education, training, technical and ethical standards. This agreement would facilitate mobility of members across the borders and further strengthen the ties between Sri Lanka and United Kingdom (U.K).  We look forward to working closely with each other and to collaborate further in the field of accounting.  “Such an agreement paves the way for members of both institutes to work around the globe.

 Each institute has the capability to promote the transfer of skills and knowledge between members of both institutes through study tours, seminars, workshops, conferences and other professional development activities.”

Gerald Russell, ICAEW President said: “ICAEW and the ICASL have developed a close working relationship over the years and as a result of this agreement, we look forward to welcoming ICASL members to ICAEW. Removing barriers for professional accountants across markets, through agreements such as this, is an important part of our international strategy. ICAEW is keen to work in partnership with accountancy bodies across the world to enhance the profession globally.”

This MoU will apply to all appropriately qualified and experienced ICAEW and ICASL members and recognises the evolution of both qualifications and the CPD responsibilities upon members.