Groundbreaking qualification from CA Sri Lanka for FAO industry

In a pioneering venture that will change the face of the country’s finance and accounting outsourcing (FAO) industry, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will launch a groundbreaking qualification for the FAO industry, which will be the first of its kind in the region. 

The ‘Certified Finance and Accounting Specialist’ (CFAS) qualification will help Sri Lanka reach its ambition of becoming the best outsourcing destination in the world, in the backdrop of the country witnessing a significant growth in the Business Services sector, which has been further complemented with Sri Lanka being ranked as the seventh among the 15 emerging cities for FAO by Tholons and leading global companies.

The FAO qualification, which aims to create finance and accounting professionals with the right knowledge, attributes, and skills specifically required for FAO industry, has also been endorsed by the Sri Lanka Association for Software and Services Companies (SLASSCOM) and the Information and Communication Technology Agency (ICTA).

Emphasising on the objective of the exclusive qualification, CA Sri Lanka President Arjuna Herath said Sri Lanka is known to produce accountants of exceptional ability of international standing, who have the capacity to serve not only the domestic market but international markets as well. “This is also one of the key attributes as to why our country is a preferred destination for the FAO industry, therefore, in order to actively support the country to realise this vision, CA Sri Lanka supported by SLASCOM and ICTA embarked on this mission to produce professionals with the right skills and knowledge specifically required for this industry,” he said. 

CA Sri Lanka Chief Executive Officer Aruna Alwis said: “CA Sri Lanka is synonyms for offering a benchmark professional qualification in accountancy which is globally recognised, and the CFAS qualification is yet another pioneering initiative by the institute to help strengthen the standing of the accounting and financial professionals in Sri Lanka, so they can serve the FAO industry more diligently, helping Sri Lanka become the preferred FAO destination in the world.”

Sri Lanka’s IT/BPM industry has set its vision to achieve $ 5 billion in exports by 2022 while generating 200,000 jobs and facilitating 1,000 start-ups in the country.