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CA Sri Lanka creates new record as it inducts 297 new Chartered Accountants and 149 FCAs at 2014 convocation

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) created an all-time new record this year by inducting 297 new Associate Members (ACAs) at the 2014 Convocation, giving the country’s prestigious accounting profession a renewed boost.

The convocation which was held under the patronage of Hon. Hemal Gunasekera, Deputy Minister of Cooperatives & Internal Trade and Mr. Ranil Wijegunawardane, Managing Director / Chief Executive Officer of Colombo Dockyard PLC, at the BMICH, Colombo also saw 149 existing Associate Members being conferred the distinguished Fellowship status (FCAs) elevating them to the highest stratum in their professional careers.

Joining a fraternity of 4400 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. This is the first time in the Institute’s 55 year old history, that nearly 300 new Chartered Accountants were inducted at a single convocation.

In his congratulatory message, Minister Johnston Fernando emphasized that Chartered Accountants earn high respect both at a local and international level as well as in society. “As a member of CA Sri Lanka, the integrity and reverence you command is very significant,” he said.

The minister also commended CA Sri Lanka for propagating the importance of a recognized professional qualification to every part of the country. “Today, CA Sri Lanka has systematically spread its wings to major cities across the country; giving access to anyone who wants to embark on one of the world’s most sought after professions.”

Extending his congratulations to the new ACA and FCA members, President of CA Sri Lanka, Mr. Arjuna Herath noted that Chartered accountants are undoubtedly one of the most sought after professionals in the commercial world, and hence the new members as well the newly conferred Fellow Members have an important role to play in the progress of the profession, institute and the country.

“As you celebrate this important moment with your family and friends, the challenges that are ahead of you are vast, but, this is also the beginning of an immensely gratifying career as you are conferred with the Associate Member status, while for our new Fellow Members this is the beginning of another phase in the career progression of your professional journey,” Mr. Herath said.

He also encouraged the new ACAs and FCAs to continue to take maximum benefit of the numerous Continuous Professional Development activities offered by CA Sri Lanka, if they were to remain relevant in today’s constantly changing world.

“Today, CA Sri Lanka members have been recognized for leadership positions in the international fora leading numerous accounting bodies in the Asia Pacific region.

Today we have a strong international presence with over 30 percent of our members located across 40 countries in all continents. Hence, you could be confident that opportunities are available for your progress both here and abroad,” Mr. Herath added.

Guest of Honour, Mr. Wijegunawardane said that CA Sri Lanka has played a significant role in ensuring that our nation has the required skilled force in the accountancy sphere.  “As the world gets smarter and more competitive, the demands thrown at professionals will only increase in the years to come. You are boosted by a globally recognized qualification and the time is now here to put your knowledge gathered over a period of many years to test, and I am certain you will use the challenges thrown at you to your advantage and future betterment.”

He told the new ACA members that the need for knowledge does not end with having three letters behind their name. “The transition from accountant to professional is a journey that still lies ahead for those of you who obtain membership today and will be complete only once expertise is underpinned by experience, strong values and ethical conduct,” he added.

Chairman of the CA Sri Lanka Member Relations Committee, Mr. Sanjaya Bandara said that Chartered Accountants bear a great responsibility towards the profession and nation. “I call upon our new members to bear this in mind when performing their professional duties.”

He expressed hope that the new members who were inducted will play a tremendous role in helping propagate the importance of the profession across Sri Lanka and the world, while the new fellow members will continue to play an influential role to safeguard CA Sri Lanka’s impeccable standing in the finance world.

Chief Executive Officer of CA Sri Lanka, Mr. Aruna Alwis noted that members are the institute’s primary stakeholder and every effort has been taken to offer them the best of services as well as qualifications.

“Being a professional is a privilege and it will bring challenges and rewards. However, above all, being a professional is a responsibility and one must execute one’s responsibilities diligently and ethically,” Mr. Alwis said.

Special prizes were also awarded to a total of 16 prize winners who fared exceptionally well at the strategic level examinations and at the top CA case study examinations.