In a pioneering effort aimed at strengthening the public financial management in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) together with its Public Sector Wing (APFASL) and the world’s sole professional accountancy body in public finance - The Chartered Institute of Public Finance and Accountancy (CIPFA) launched the Chartered Public Finance Accountant (CPFA) qualification in Sri Lanka for accountancy and financial professionals in the public sector.
At a ceremony held on 11th February 2015, under the patronage of Mr. Ravi Karunanayake, Minister of Finance and Dr. R. H. S. Samarathunga, Secretary, to the Ministry of Finance & Treasury, CA Sri Lanka and CIPFA signed a Memorandum of Understanding (MoU) which paved the way to strengthen the public financial management in the country through a number of benefits including the launch of the CPFA qualification.
The MoU signed between President of CA Sri Lanka, Mr. Arjuna Herath and Mr. Ian Ball, Chair of CIPFA International offers a clear route for public sector accountants to obtain a locally and globally recognized specialist qualification.
The MoU also outlined a framework for future co-operation between the two institutes to improve the governance of public finance within the country and help improve the training and development in the accountancy profession. The collaboration also opened doors for CA Sri Lanka members to obtain CIPFA membership and professional development opportunities.
The collaboration reflects the overlapping interests of both bodies and their desire to share their skills, expertise and experience to further the cause of good public financial management. The MoU was signed in the presence of CIPFA Development Chair – Alan Edwards, Vice President of CA Sri Lanka Mr. Lasantha Wickremasinghe, President of APFASL Mr. V Kanagasabapathy, CEO of CA Sri Lanka Mr. Aruna Alwis, Council Members of CA Sri Lanka and Board Members of APFASL.
At the signing of the MoU, CIPFA International Chair, Mr Ian Ball commented:
“It is welcome news that together CIPFA and CA Sri Lanka have signed this MoU that sets out the basis for a future co-operative relationship. The MoU has been created to reflect the interests of both parties, which are unified in their commitment to serve public interest.
“The joint work will enable the leading institutes to learn from each other by sharing expertise and experience so that their members can better serve the countries they work for. We look forward to a productive partnership which will genuinely enhance pubic financial management and improves outcomes for citizens in Sri Lanka.”
Speaking at the signing of the MoU, Mr Arjuna Herath, President of CA Sri Lanka said:
“CA Sri Lanka is committed to proactively play its role to bring about a transformation in the private and public sectors and the entire society at large. Therefore every effort is taken to ensure we reach this important objective.”
“We are conscious of the critical anchor role that the public sector plays in the economic development and progress of the country. We have embraced the accounting and finance professionals working in the public sector as part of CA Sri Lanka and we are very committed to add value and nurture them.”
“Our agreement with CIPFA is one such endeavour in our continuing efforts to offer our accounting professionals of the public sector the best qualification which is globally recognised.”
