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100 CA Sri Lanka Integrated Annual Report 2024

Governance Report

Legal Form
CA Sri Lanka (the Institute) was established by an Act of Composition of the Council 2024-25
Parliament No. 23 of 1959 (as amended) for the purpose of Tenure on Council
progression promoting theory and practice of accountancy,
enrolling, educating and training members and for preserving
the professional independence of accountants, among other Over 5 years 10
objectives. 2– 5 years 2

With effect from November 2019 the Institute was gazetted Less than 2 year 4
under the purview of the Minister of Finance.

Leadership Composition
The Council of CA Sri Lanka comprises of the President, seven
elected members including the Vice President, six members President/VP 2
appointed by the Ministry of Finance, the Auditor General and
the Immediate Past President as Ex- officio Members. Elected Members 6

Meetings of the Council Nominated Members 6
Meetings are held monthly with the necessary papers Ex- officio 2
provided to the Council members for their attention and
review. The attendance of the members of the Council for
Council meetings are set out on page 101.
Analysis by Age
Time and Commitment of Council Members
Members of the Council spend a minimum of 10 hours every Over 50 years 6
month on activities of the Institute, attending meetings of the
Council, representing the Institute and in exercising oversight 40 - 50 years 10
of subjects assigned to them.

Remuneration Skills and Experience
Members of the Council do not receive fees or remuneration
for their services. In Public Practice 7

Traveling costs related to the representation of CA Sri Lanka Public Sector 4
outside Colombo and overseas are borne by the Institute.
Private Sector 5

Gender Diversity

Women 3

Men 13

Highlights 2024

The Audit Committee of CA Sri Lanka met 5 times
during the year to review internal audit reports and
financial statements, assisting the Council to discharge
its duty of accountability to its members.