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76 CA Sri Lanka Integrated Annual Report 2024

Finance Profession

Upskilling the Public Sector

The Association of Public Finance Accountants of Sri Lanka (APFASL)
The public finance wing of CA Sri Lanka - the Association of Public Financial Accountants of Sri Lanka
(APFASL) is dedicated to professionalizing the public sector by offering qualifications and other capacity-
building opportunities as well as encouraging public finance governance in the country by promoting
the adoption of accounting standards aligned with the global accounting and financial standards. In
this regard, APFASL continues to conduct training programmes, seminars and workshops to build the
capacity of public sector professionals, contributing to the improvement of the public institutions.

During the financial year, in the backdrop of significant legislative reforms in Sri Lanka related to improving
fiscal governance, monetary stability, and transparency in public sector operations, APFASL proactively
engaged in implementing initiatives to support public sector professionals, in enhancing accountability,
and promote excellence in financial management practices.

Capacity Building
Capacity Building on the new Public Financial Management (PFM) Act
APFASL concentrated on capacity building of public sector financial
professionals, in comprehending the transformative potential of the Public
Financial Management (PFM) Act No 44 of 2024. The event that received a
high level of participation, focused on the Act’s implications and operational
challenges through an introductory session, seminar and an open forum
discussion.

Initially, an introductory session was conducted on the 26th of April, 2024, to
familiarize participants with the said Bill’s key provisions. Afterwards, a seminar
was held on the 30th of May, 2024, providing a platform for an in-depth
discussion, including a robust panel discussion featuring experts from the Ministry
of Finance, and public institutions. As the final step, an open forum was arranged
allowing the participants to engage in discussions, sharing practical insights
and raising critical queries regarding the implementation of the Act within their
respective organisations.

SLPSAS Training for the National Audit Office (NAO)
Key Performance Highlights APFASL partnered with Deloitte and CA Sri Lanka, with financial support from
E SLPSAS USAID, facilitating an extensive training programme on Sri Lanka Public Sector
400 certification of participations Accounting Standards (SLPSAS) for officers of the National Audit Office (NAO).
SLPSAS aligned to IPSAS
The subcontract agreement of this programme was signed in May 2024 laying
E APFASL 5th Annual conference out the responsibilities, budgetary requirements and planned activities. After
which, the programme was launched on June 6, 2024, at the Movenpick Hotel
E BARA Awards in Colombo, delivering 16 sessions over ten weeks for the key stakeholders’
264 Applicants presence covering essential standards and practical applications. The training
15 Gold Awards programme was completed by over 400 NAO officers earning certificates of
20 Silver Awards participation and acquiring significant knowledge to ensure compliance with
16 Bronze Awards SLPSAS in public sector financial reporting.

E CPFA membership 155