CA Sri Lanka champions high-quality management with SLSQM among chartered accountants

Panel discussion in session

With a steadfast dedication to providing chartered accountants with the essential tools required to navigate the dynamic landscape of quality management, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently organised a vital session aimed at educating its practicing members on the imperatives of adopting Sri Lanka Standards for Quality Management (SLSQM).

Under the theme ‘Practice Quality Management with SLSQM,’ the session underscored the significance of these standards, which are set to come into effect on 01st January 2025. These standards play a crucial role in improving the quality and consistency of company performance.

In his speech, CA Sri Lanka President Heshana Kuruppu reiterated the Institute’s unwavering commitment to supporting practicing members in implementing SLSQM effectively.

CA Sri Lanka Profess-ional Accountants in Practice Committee Chairman Saman Sri Lal, explained that quality management does not apply only to large firms or international affiliations and is equally beneficial and applicable to even a sole practitioner. “It is imperative that our members cater to global demands.’

Significant features of the standards were introduced to the audience by Ernst and Young Partner Damith Gamage, while KPMG Partner Thamali Rodrigo elaborated on how the implementation of these standards would benefit practices of all sizes.

The insightful session concluded with a panel discussion moderated by Alternate Chairperson of the Committee Anoji De Silva, and featuring CA Sri Lanka Past President Manil Jayesinghe; CA Sri Lanka Vice President Tishan Subasinghe; and Deloitte Partner Chathumin Gunaratne. The panel shed light on the importance of audit and assurance services to the economic growth of the country by enhancing trust in the capital market, the scalability of SLSQM to cater to firms of different sizes, and how better internal processes can attract more local and international clients.