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78 CA Sri Lanka Integrated Annual Report 2024

Finance Profession

Challenges encountered during the Financial Year
Delayed Recognition for the CPFA Qualification
Despite the continued advocacy efforts, the Chartered Public Finance Accountancy (CPFA ) qualification
offered by CA Sri Lanka has not yet received due recognition in terms of recruitment and promotion within
the public sector. This delay has hampered the adoption and progress of the qualification. At present,
APFASL is engaging with the Ministry of Finance to address this issue under the new administration.

Declining Membership
APFASL membership growth has been adversely affected due to the following two reasons;
E The lack of CPFA recognition has reduced its appeal to prospective members.
E The retirement of senior members has led to a natural decline in membership numbers.

Currently, efforts are underway to attract younger professionals and expand the membership base.

Funding Constraints
Funding limitations have become a significant challenge for conducting government training
programmes including the delay of the Master of Public Financial Management (MPFM ) degree
programme. Furthermore, due to a lack of funding, the Association was unable to continue the DLGFM
programme in the other five provinces beyond the four provinces supported by UNDP.

Expanding Opportunities in Tertiary Education

SAB Campus
SAB Campus, the transformative academic arm of CA Sri Lanka, has been at the forefront of offering two flagship degree programs
since 2013. Currently, SAB Campus offers the Bachelor of Science (General/Honors) in Applied Accounting and the Bachelor of
Business Management (General/Honors) in Business Analytics. Both programs are approved by the Ministry of Higher Education
(MOHE) and recognized by the University Grants Commission (UGC). The 100% employment-guaranteed degrees are designed with
a student-centric approach and focus on enhancing the competencies of finance and business analytics professionals, nurturing a
workforce capable of contributing to the nation’s economy. By the end of 2024, 1,600 undergraduates are currently studying at the
SAB Campus, and 1,200 graduates have been produced since its inception in 2013.

Performance Highlights
Academic Achievements & Partnerships
The year 2024 was an important year for SAB Campus as it organized a series
of impactful events that fostered learning, industry engagement, and academic
excellence among its undergraduates. Throughout the year, the campus also
strengthened its connections, and received recognition from leading institutions.
Some of the highlights in 2024 included:

E Convocation 2024: The SAB Campus celebrated the graduation of
SAB Convocation 2024 191 students in 2024, reflecting its continued commitment to academic
excellence and student success.
E Institute of Analytics Accreditation Ceremony: SAB Campus reached
new heights with the accreditation of its Bachelor of Management Honors in
Business Analytics degree program by the Institute of Analytics (IoA) of the
UK.