CMA gets first elected President

• Need for human resource development and cost accounting standards in the country

 By Cheranka Mendis

The Institute of Certified Management Accountants (CMA) of Sri Lanka on Wednesday inducted Prof. Lakshman R. Watawala as its first elected President to take on the mantle and to serve a membership that exceeds 2000 and a student base of over 12000.

Prof. Watawala who will hold the position for the 2013/2015 period will head the council with Bashir Ismail as Vice President and Hennayake Bandara, Adrian Perera, Ruchira Perera, Sujeewa Rajapakse, Prof. Managala Fonseka, and N.W.G.R.D. Nanayakkara as Council Members. Watawala has held many positions in key accountancy bodies as well as banks, development corporations and international associations.

Addressing CMA membership, Watawala noted that the there is an increasing need for chartered management accountants in the South Asian region with its ever-increasing focus on development and growth.

“There is a lot to be done,” he said. “Cost accounting standards in many countries are now under question and it is essential to see proper controls and efficiency services conducted in a professional manner.”

Watawala noted that in many industries such as petroleum, electricity, pharmaceuticals, etc are not maintaining the standards as needed.

CMA’s International Management Conference on Value Creation to be held this 18 to 19 June will therefore look at a wide area of costing, among others.

“Institutions and industries need costs to be done to improve efficiency and provide a service to the public.” Support of governing bodies such as the CBSL is also needed to maintain financial sector standards, he said.

On a more instructional level, he spoke of the need to adapt to a code of ethics, disciplinary codes and rules and regulations which have already been submitted for gazetting.

“We also need to look into new areas, new systems and ideas to take the body from strength to strength,” Watawala added.

As a body, CMA recognises and supports talented local students and those in employment in government services by offering scholarships for A/L students, undergraduates, as well as deserving students, the police, the armed services and government servants. The need to continue this effort is vital, Watawala said. “People prefer to go for foreign qualifications and not local qualifications. It is time to ensure that this must change.”

Agreeing with Watawala, Chief Guest for the event and External Affairs Minister Prof. G.L. Peiris noted that the work proposed by the President is of enormous practical use in the contemporary economic development of the country. To make maximum use of the infrastructure that is being set up and to accelerate the pace of economic and social development with the country opening up, there must be a reservoir of human resources, Prof. Peiris said.

Acknowledging HR as the country’s principal strength, he asserted that the country can no longer be complacent as there are inadequate opportunities for the local students to develop skills and talents.

“There are no room in established universities in Sri Lanka. We must now make provision in any imaginable way and create parallel avenues to equip locals to achieve success without waiting on conventional universities.” Commending CMA’s scholarship program, Peiris said: “What is important in my mind is that you are making course material available in all three languages. It is important to ensure it is not restricted to the urban elite. They should not be deprived of it because of their lack of English knowledge.”

He commented that there must be more new and established universities in the country and that external study must have proper guidance, reading material, mentors, etc to facilitate a better studying environment for students.

“These are important in enhancing the pool of talent in the country.” He expressed that it is when such an environment is not created that the youth rise to indignation as evident from the past youth insurrections that threatened the country.

Efforts in educating the youth will not only give them an opportunity to further their careers and learning, it will also create the necessary talent pool for corporate sector.

“Corporates can no longer rely on the trial and error method. Great professionalism is needed for companies and hence financial accuracy and marketing plays a vital role.”

Pix by Upul Abayasekara