South Asian Federation of Accountants inducts CMA SL’s Hennayake Bandara as new President

The newly inducted SAFA President H.M. Hennayaka Bandara (right) with SAFA Immediate Past President A.K.M. Delwer Hussain and CMA Sri Lanka Founder President Prof. Lakshman R. Watawala

The 70th South Asian Federation of Accountants (SAFA) Board Meeting and Induction of the SAFA President for 2022 was held on 4 January, hosted by the Institute of Certified Management Accountants of Sri Lanka (CMA) supported by the SAFA Secretariat and conducted with both physical and online participation, at the Taj Samudra, Colombo

The outgoing SAFA President A.K.M. Delwer Hussain inducted H.M. Hennayaka Bandara from CMA Sri Lanka as the SAFA President for 2022. 

SAFA was formed in 1984 to serve the accountancy profession in the South Asian region and Prof Lakshman R. Watawala was a Founder signatory to the formation of SAFA as the then CA Sri Lanka President. 

This is a historic occasion for CMA Sri Lanka to be elected to the high office of the Presidency of SAFA for the first time since admission to membership in 2010. 

Some of the members present physically included CMA Sri Lanka President and SAFA Past President Prof. Lakshman R. Watawala, Presidents and representatives from CA Sri Lanka, ICMA Bangladesh, CA Nepal, Past SAFA Presidents along with CMA council members.   

Central Bank Governor and a former SAFA President Ajith Nivard Cabraal delivered his congratulatory remarks on behalf of the Sri Lankan Past Presidents of SAFA.  

Institute of Chartered Accountants of India President CA Nihar N. Jambusaria, was elected as the Vice President of SAFA. The Board members and Presidents from SAFA Chartered and Management Accounting member bodies gave their congratulatory remarks.  

Bandara’s contribution to the field of professional education counts over two decades in various capacities. He is a fellow (FCMA) and Founder member of CMA Sri Lanka and joined the council in 2012. He has been associated with SAFA since 2005. He also had the opportunity of working very closely with all Sri Lankan Past Presidents of SAFA. Bandara is a Past President of Association of Accounting Technicians of Sri Lanka (AATSL), Past President of Association of Professional Bankers – Sri Lanka (APBSL), Treasurer Organization of Professional Associations of Sri Lanka and Council Member of Sri Lanka Institute of Advanced Technological Education. He was a General Manager/ CEO of National Savings Bank.

Bandara in his presidential address stated that SAFA as an IFAC Network Partner had been playing a very important role in the harmonisation of professional standards in the areas of accounting, auditing, ethics and education, and would be committed to raising the level of the accountancy profession in the South Asian Region and could play a productive role in the development of the accountancy profession. 

He also stated that as influential professional bodies in the South Asian Region they were in the unique position to add value to businesses and the economy by assisting nations in this task, by creating agile SME entrepreneurs who would be able scale up and be globally recognised businesses. 

Bandara thanked all past presidents who participated and all the presidents and board members of SAFA for their valuable contributions made towards the development of the accounting profession in the region over the last 38 years.